02-26-2002 PTRC Packet - Laserfiche WebLink

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Internal Reporting The City Accountant will develop and maintain procedures that will ensure the investment portfolio is maintained on the City's computer system on a daily basis and that this information is available to both management and the City Council at any time. Annual Reporting: Within 90 days of the end of the fiscal year, the Treasurer shall submit a written comprehensive annual report on the investment program and investment activity. This report shall summarize the investment strategies, describe the portfolio in terms of securities, maturities,risk characteristics and other features. This report shall explain the total investment return and compare the return with budgetary expectations. This report shall contain a detailed comparison of total rate of return with other benchmarks. Benchmarks for comparison may include: the Minnesota Municipal Money Market Fund, treasury bill rates that are indicative of a strictly passive investment strategy or any other index that may be deemed appropriate. And finally, the report should contain a discussion of the outlook for interest rates and the economic trend for the upcoming year, investment strategies to be implemented and budgetary expectations for investment income. Investment Policy Adoption: The City's investment policy shall be adopted by a resolution of the City Council. The policy shall be reviewed on an annual basis by both the City Council and the Treasurer and prior to becoming effective, any modifications made thereto must be approved by the City Council. (Updated 1/20/96) 5