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CCP 08-17-1995
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CCP 08-17-1995
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<br /> I -5- <br /> 1. Diversification: <br /> Assets held in the investment portfolio shall be diversified to <br /> I minimize the risk of loss resulting from over-concentration of <br /> assets in a specific maturity (maturities shall be staggered in a <br /> way that avoids undue concentration of assets in a specific <br /> . maturity sector), a specific issuer or a specific class of <br /> securities. With the exception of U.S. Treasury securities and <br /> authorized mutual funds, no more than 50% of the city's total <br /> investment portfolio will be invested in a single security or <br /> I with a single financial institution. Single transactions in <br /> excess of $1 million require prior approval of the City Council. <br /> I Maximum Maturities: <br /> To the extent possible, the City will attempt to match its <br /> investments with anticipated cash flow requirements. Unless <br /> I matched to a specific cash flow, the City will not directly <br /> invest in securities maturing more than five years from the date <br /> of purchase. However, the City may collateralize its repurchase <br /> . agreements using longer-dated investments not to exceed ten years <br /> to maturity. <br /> I Reserve funds may be invested in securities with maturities in <br /> excess of ten years if the maturity of such investments are made <br /> to coincide with the expected use of the funds. <br /> I- At any point, no more than 50% of the portfolio will be invested <br /> in maturities greater than three years. <br /> I Internal Control: <br /> The City shall continue its annual process of independent review <br /> I by an external auditor. This review will provide internal <br /> control by assuring compliance with policies and procedures. <br /> Internal control is the city's responsibility and such internal <br /> control procedures will be established and maintained throughout <br /> . the year. <br /> Performance Standards: <br /> I The investment portfolio will be designed to obtain a market <br /> average rate of return during budgetary and economic cycles, <br /> taking into account the City's investment risk constraints and <br /> I cash flow needs. <br /> Reportinq: <br /> I The investment reporting function shall include requirements <br /> for: budgetary reporting, interim reporting, internal reporting <br /> I and annual reporting. <br /> .. <br /> I <br /> --- <br />
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