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06-20-07 FPAC Minutes
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06-20-07 FPAC Minutes
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6/24/2024 4:07:07 PM
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11/9/2007 2:19:12 PM
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06-20-07 Minutes
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Minutes
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6/20/2007
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X. DIVERSIFICATION• <br /> The City's portfolio diversification strategy shall be to stagger maturities which will <br /> avoid undue concentration of assets in specific maturity sector while providing <br /> stability of income and reasonable liquidity. <br /> Xl. DISTRIBUTION <br /> The City shall distribute investment earnings on a monthly basis based upon the <br /> following criteria: <br /> 1. Funds budgeted to receive interest earnings would be allocated 1/12 of the <br /> budgeted amount. <br /> 2. Investment earnings over budgetary projections would be distributed <br /> annually in December based upon average cash balance in all funds. <br /> 3. Trust funds required to receive a minimum interest rate would be excluded <br /> from excess interest distribution until all funds received an equal interest rate <br /> distribution. <br /> XII. INVESTMENT REVIEW COMMITTEE <br /> • An Investment Review Committee shall consist of the City Manager, Finance <br /> Director, and the Assistant Finance Director and a member appointed by the Mayor. <br /> The Investment Review Committee should meet at least semi-annually to review the <br /> investment reports, and discuss such topics as: economic outlook, portfolio <br /> diversification and maturity structure, potential risks of the City's funds, authorized <br /> brokers and dealers. Proposed investment policy changes will be recommended to <br /> the City Council by the Investment Review Committee. <br /> XII. REPORTING <br /> The City will provide a monthly investment report which includes current status of <br /> the its investment portfolio. This investment report will include at a minimum the <br /> following information on each investment: <br /> 1. Type of investment <br /> 2. Financial institution involved in the transaction <br /> 3. Actual yield on the instrument <br /> 4. Purchase date <br /> 5. Maturity date <br /> 6. Amount invested <br /> XII. EFFECTIVE DATE <br />
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