Laserfiche WebLink
5. State or Local Government Securities <br /> At any one time, no more than 20% of the total portfolio shall be invested in State <br /> or local government securities. Maximum holdings for any one issuer of state or <br /> local government securities will be 5% of the total portfolio. <br /> 6. Money Market Funds <br /> At any one time, no more than 20% of the total portfolio shall be invested in <br /> authorized money market mutual funds. <br /> INVESTMENT REPORTING <br /> The Finance Director shall prepare an investment report at least quarterly, including a <br /> management summary that provides a clear picture of the status of the current investment <br /> portfolio and transactions made over the last quarter. The investment reporting function <br /> shall include requirements for budgetary reporting, interim reporting, internal reporting, <br /> and annual reporting. <br /> 1. Budgetary Reporting <br /> As part of the annual budget, interest income shall be estimated for all funds <br /> based on a formal cash flow forecast. This forecast shall take into account the <br /> historical pattern of inflows and outflows of general fund cash, the adopted <br /> fiscal policies and any other pertinent factors affecting cash flow. The budget <br /> document shall explicitly state the assumptions of the cash flow forecast, the <br /> assumed interest rate on short-term investment and the interest estimated for <br /> any long-term investments. <br /> 2. Interim Reporting <br /> The investment portfolios for the City funds shall be provided to the Council <br /> with the periodic budget versus actual reports that they receive monthly. <br /> These reports shall be sequenced by maturity and shall state the type of <br /> investment, annualized rate of return based on the daily interest amount. The <br /> Finance Director shall summarize any changes in investment strategy or <br /> anticipated variances from the investment income budgeted as part of monthly <br /> reporting process. <br /> 3. Internal Reporting <br /> Finance Department procedures shall ensure that investment portfolios are <br /> maintained on the City computer system on a daily basis and available to <br /> management or the City Council at any time. Management shall be provided <br /> investment portfolios monthly together with their budget versus actual reports. <br /> 4. Annual Reporting <br /> Within 90 days of the City's fiscal year end, the Finance Director shall <br /> prepare a written comprehensive fiscal report on the investment program and <br /> investment activity. This report shall include: <br /> • <br /> - 7 - <br />