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• <br /> • Internal Reporting: <br /> The City Accountant will develop and maintain procedures that will ensure that the <br /> investment portfolio is maintained on the City's computer system on a daily basis and <br /> • <br /> that this information is available to both management and the City Council at any time. <br /> Annual Reporting: <br /> Within 90 days of the end of the fiscal year,the Treasurer shall submit a written <br /> comprehensive annual report on the investment program and investment activity. This <br /> report shall summarize the investment strategies,describe the portfolio in terms of <br /> securities,maturities,risk characteristics and other features. This report shall explain the <br /> total investment return and compare the return with budgetary expectations. This report <br /> shall contain a detailed comparison of total rate of return with other benchmarks. <br /> Benchmarks for comparison may include: the Minnesota Municipal Money Market Fund, <br /> treasury bill rates that are indicative of a strictly passive investment strategy or any other <br /> • <br /> index that may be deemed appropriate. And finally,the report should contain a <br /> discussion of the outlook for interest rates and the economic trend for the upcoming year, <br /> investment strategies to be implemented and budgetary expectations for investment <br /> income. <br /> Investment Policy Adoption: <br /> • The City's investment policy shall be adopted by a resolution of the City Council. The <br /> policy shall be reviewed on an annual basis by both the City Council and the Treasurer, <br /> and prior to becoming effective,any modifications made thereto must be approved by the <br /> City Council. <br /> • <br /> (updated 1/20/96) <br /> 5 <br />