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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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Minutes
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6/20/2007
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"Maturities of Investments in a Portfolio"in Appendix.) <br /> Because of inherent difficulties in accurately forecasting cash flow requirements,a portion of the • <br /> portfolio should be continuously invested in readily available funds such as local government <br /> investment pools,money market funds,or overnight repurchase agreements to ensure that <br /> appropriate liquidity is maintained to meet ongoing obligations. <br /> 3. Competitive Bids <br /> The investment officer shall obtain competitive bids from at least two brokers or financial <br /> institutions on all purchases of investment instruments purchased on the secondary market. <br /> IX. Reporting <br /> 1. Methods <br /> The investment officer shall prepare an investment report at least quarterly[or monthly], including a <br /> management summary that provides an analysis of the status of the current investment portfolio and <br /> the individual transactions executed over the last quarter[or month]. This management summary <br /> will be prepared in a manner which will allow the [entity] to ascertain whether investment activities <br /> during the reporting period have conformed to the investment policy. The report should be provided <br /> to the entity's chief administrative officer,the legislative body,the investment committee and any <br /> pool participants. The report will include the following: <br /> • Listing of individual securities held at the end of the reporting period. <br /> • Realized and unrealized gains or losses resulting from appreciation or depreciation by listing the <br /> cost and market value of securities over one-year duration that are not intended to be held until <br /> maturity(in accordance with Governmental Accounting Standards Board(GASB) • <br /> requirements). <br /> • Average weighted yield to maturity of portfolio on investments as compared to applicable <br /> benchmarks. <br /> • Listing of investment by maturity date. <br /> • Percentage of the total portfolio which each type of investment represents. <br /> Alternative sample: <br /> 1. The investment officer shall submit quarterly an investment report that summarizes recent <br /> market conditions, economic developments and anticipated investment conditions. The report <br /> shall summarize the investment strategies employed in the most recent quarter, and describe the <br /> portfolio in terms of investment securities,maturities,risk characteristics and other features. <br /> The report shall explain the quarter's total investment return and compare the return with <br /> budgetary expectations. The report shall include an appendix that discloses all transactions <br /> during the past quarter: The report shall be in compliance with state Iaw and shall be distributed <br /> to the investment committee and others as required by law. <br /> Each quarterly report shall indicate any areas of policy concern and suggested or planned <br /> revision of investment strategies. Copies shall be transmitted to the independent auditor. <br /> Within 40 days of the end of the fiscal year, the investment officer shall present a <br /> comprehensive annual report on the investment program and investment activity. The annual <br /> report shall include 12-month and separate quarterly comparisons of return and shall suggest • <br /> policies and improvements that might be made in the investment program. Alternatively,this <br />
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