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CCP 08-17-1995
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CCP 08-17-1995
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<br />I <br />I. Maximum Maturities: <br />I To the extent possible, the City will attempt to match its investments with anticipated cash <br /> flow requirements. Unless matched to a specific cash flow, the City will not directly invest <br />I in securities maturing more than five years from the date of purchase. <br /> At any point, no more than 50% of the portfolio will be invested in maturities greater than <br />I three years. <br /> Internal Control: <br />I The City shall continue its annual process ofindependent review by an external auditor. <br />I This review will provide internal control by assuring compliance with policies and <br /> procedures. Internal control is the City's responsibility and such internal control r <br /> procedures will be established and maintained throughout the year. <br />I Performance Standards: <br />I The investment portfolio will be designed to obtain a market average rate of return during <br /> budgetary and economic cycles, taking into account the City's investment risk constraints <br /> and cash flow needs. <br />I- Re\)ortinl:: <br />I The investment reporting function shall include requirements for: budgetary reporting, <br /> interim reporting, internal reporting and annual reporting. <br />I Budgetary Reporting: <br /> As part of the annual budget, interest income shall be estimated for all funds based on a <br />I cash flow forecast. This forecast shall take into account the historical pattern of inflows <br /> and outflows of cash and any other pertinent factors affecting cash flow. The budget <br />I document shall explicitly state the assumptions of the cash flow forecast and the assumed <br /> interest rate for the entire investment portfolio. <br />I Interim Renortin!!: <br /> The investment portfolio of the City shall be provided to the Council along with the <br />I Budget versus Actual reports monthly. The portfolio shall be sequenced by maturity date <br /> and shall state the type of investment, cost, rate and yield percentages and shall indicate an <br /> annualized rate of return based on the daily interest strategy or anticipated variances from <br />I the investment income budgeted. <br />I- 4 <br />I <br />
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