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9. Investment Earnings • <br /> Interest earnings will be credited to the source of the invested funds at the end of each <br /> quarter based on the average cash balances during the quarter. The Town's General Fund will <br /> receive 7.5%of investment earnings as an administrative fee for staffs time to administer the <br /> Town's investments. This fee shall be subtracted from interest earning before allocating interest <br /> each quarter. Market value adjustments and interest accruals will be allocated at the end of the <br /> fiscal year based on the average cash balances during the fiscal year. <br /> 10. Reporting and Review <br /> A listing of the Town's investment portfolio shall be included in the financial report to <br /> the Town Board at the end of each fiscal quarter. The list should include date of purchase and <br /> maturity, type of investment, firm invested at, yield, and interest rate. In addition a report on the <br /> Town's investments for the previous fiscal year shall be provided as part of the Town's Annual <br /> Board of Audit. <br /> 11. Exemption <br /> Any investment currently held that does not meet the guidelines of this policy shall be <br /> exempted from the requirement of this policy. Upon maturity, if funds are re-invested the new <br /> securities must conform to this policy. <br /> 12. Review and Approval • <br /> The investment policy shall be formally approved and adopted by the Town Board and <br /> any future changes to the policy must be approved by the Town Board. The Town Board shall <br /> review the investment policy annually, as part of the Township's Annual Board of Audit <br /> meeting. <br /> • <br /> 6 <br />