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Cash Management and Related Recordkeeping Procedures <br /> • <br /> Cash management is essential to a good investment program. The <br /> Finance Department has responsibility to organize and establish procedures for <br /> effective cash management and the recordkeeping therefor, based on the <br /> following guidelines: <br /> 1. Cash flow projections for the following twelve-month period will be prepared <br /> at the beginning of each month. <br /> 2. Each morning, available cash balances will be determined and reviewed for <br /> investment opportunities. <br /> 3. Investment records will be updated and reviewed as investments mature or <br /> are purchased. <br /> 4. Each month, the investment records will be balanced to the financial records <br /> and to the safekeeping institution's monthly statement. <br /> 5. Each quarter, the Finance Director will submit a current listing of the City's <br /> investments to the City Council. <br /> 6. Interest earnings will be allocated on a monthly basis to the various City <br /> ifunds based on investment balances in the funds at the end of the month. <br /> 7. A management fee equal to two percent of the investment earnings will be <br /> allocated to the General Fund. <br /> 5 <br />