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• <br /> 2^.RDEN jilLLS <br /> MEMORANDUM <br /> DATE: June 14, 2007 <br /> TO: Financial Planning and Analysis Committee <br /> FROM: Sue Iverson, Finance Director <br /> ' " <br /> SUBJECT: Investment Policy Discussions <br /> BACKGROUND: <br /> At our last meeting we discussed the Council expectations of this group. One of them was to <br /> work on Financial Policies. The Investment Policy was identified as being the first policy to be <br /> worked on. <br /> DISCUSSION: <br /> Our current policy is from 1996 and is out dated and not current with State Statutes. I have <br /> completed a draft policy which has been designed to incorporate all the current State Statute <br /> requirements as well as the current GASB 40 requirements. A number of cities have used this <br /> draft, but we need to customize it to Arden Hills. I have included a copy of the draft, the current <br /> investment policy, and a number of examples from other cities. I have included dates on most of <br /> them as many are revising their policies or already have to be in compliance. <br /> I have also included some of the Government Finance Officers Association of United States and <br /> Canada's (GFOA) best practices and some information on the 4M Fund which we use as our <br /> sweep account with out checking account. <br /> RECOMMENDED ACTION: <br /> Adoption of an investment policy for recommendation to the City Council. <br /> • <br />