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06-20-07 FPAC Minutes
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06-20-07 FPAC Minutes
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06-20-07 Minutes
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6/20/2007
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4)A a CeXtl1 all— <br /> c7 aiocletti <br /> CITY OF SHOREVIEW,MINNESOTA <br /> INVESTMENT POLICY <br /> Effective January 1, 1999 <br /> SCOPE: This investment policy applies to all financial assets of the City of Shoreview, <br /> Minnesota. These funds are accounted for in the City's annual financial report and <br /> include: <br /> • General Fund <br /> • Special Revenue Funds <br /> • Debt Service Funds <br /> • Capital Project Funds <br /> • Enterprise Funds(Water, Sewer, Surface Water) <br /> • Internal Service Funds <br /> • Trust and Agency Funds <br /> This investment policy applies to all transactions involving the financial assets of the <br /> foregoing funds. Except for cash in certain restricted and special funds, the City will <br /> consolidate cash balances from all funds to maximize investment earnings. Investment <br /> income will be allocated to the various funds based on their respective participation and <br /> in accordance with generally accepted accounting principles. <br /> 40 OBJECTIVES: Investments of the City of Shoreview shall be in accordance with <br /> Minnesota Statutes Chapter 118A, or as amended. The primary objectives, in priority <br /> order, of investment activities shall be safety, liquidity and yield. Investments of the City <br /> shall be undertaken in a manner that seeks to ensure the preservation of capital in the <br /> overall portfolio. To attain this objective, diversification is required in order that <br /> potential losses in the value of individual securities do not exceed the income generated <br /> from the remainder of the portfolio. The investment portfolio shall remain sufficiently <br /> liquid to meet all operating requirements that may be reasonably anticipated. This is <br /> accomplished by structuring the portfolio so that securities mature concurrent with cash <br /> needs to meet anticipated demands. Furthermore, since all possible cash needs cannot be <br /> anticipated the portfolio should consist of investments with active secondary or resale <br /> markets. The investment portfolio of the City shall be designed to attain a market- <br /> average rate of return throughout the budgetary and economic cycles, taking into account <br /> the City's investment risk constraints and the cash flow characteristics of the portfolio. <br /> The City will seek to place its deposits and investments with Minnesota depositories <br /> and/or brokers or dealers. <br /> All participants in the investment process shall seek to act responsibly as custodians of <br /> the public trust. Investment officials shall avoid any transaction that might impair public <br /> confidence in the City's ability to govern effectively. Investment officials shall recognize <br /> that the investment portfolio is subject to public review and evaluation. The overall <br /> program shall be designed and managed with a degree of professionalism worthy of the <br /> • public trust. The governing body, however, recognizes that in a diversified portfolio, <br /> occasional measured losses are inevitable and must be considered within the context of <br />
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