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64 <br /> INVESTMENT POLICY <br /> IX. Safekeeping , <br /> Securities purchased shall be retained at the institution where the securities are <br /> purchased. <br /> X. Investment Parameters <br /> The City's investments shall be diversified as to specific maturity, issuer and institution <br /> in order to minimize overall risk to the portfolio. Investments shall be purchased to <br /> match expected cash flow needs, minimizing the market risk associated with selling an <br /> investment before its maturity date. <br /> To the extent possible, the City shall attempt to match its investments with anticipated <br /> cash flow requirements. Unless matched to a specific cash flow, the City will directly <br /> invest in securities with a stated maturity of less than seven years. <br /> • Reserve funds and other longer-term investments may be invested insecurities <br /> exceeding seven years if the maturity of such an investment is make to coincide as <br /> nearly'as practicable with the expected use of such funds. <br /> Because of the inherent difficulties associated with accurately forecasting cash flow <br /> requirements, a portion of the portfolio should be continuously invested in readily <br /> available funds, such as money market funds. <br /> XI. Reporting and Review <br /> The investment officer shall prepare an investment report and present it to the City <br /> Council one time per year. <br /> The City auditor shall review all City investments and report his findings in the City's <br /> annual financial statements. <br /> 5 <br />