Laserfiche WebLink
<br />~ <br />--A~HILLS <br /> <br />MEMORANDUM <br /> <br /> <br />DATE: <br /> <br />July 24, 2007 <br /> <br />4E <br /> <br />TO: Honorable Mayor and City Council <br />Michelle Wolfe, City Administrator <br /> <br />FROM: Sue Iverson, Finance Director <br /> <br />SUBJECT: Investment Policy <br /> <br />Background: <br /> <br />On March 12, 2007, the Council approved formation of the Financial Planning and Analysis <br />Committee. The Council expectation of this group was to work on Financial Policies. The <br />Investment Policy was identified as being the first policy to be worked on. <br /> <br />Discussion: <br /> <br />Our current policy is from 1996 and is out dated and not current with State Statutes. The <br />completed draft policy has been designed to incorporate all the current State Statute requirements <br />as well as the current GASB 40 requirements. The committee also incorporated system controls <br />(transaction sign-offs), a benchmark yield (4M Plus Fund annual rate of return), and <br />concentration of credit risk (no more than 5% of the overall portfolio may be invested in the <br />securities of a single issuer or more than 25% with any individual counter party in an investment <br />pool). <br /> <br />The City Attorney has reviewed the attached draft policy and has no further recommended <br />changes. <br /> <br />Staff Recommendation: <br /> <br />Staff recommends approval of the attached Investment Policy being recommended by the <br />Financial Planning and Analysis Committee. <br />