06-20-07 FPAC Minutes - Laserfiche WebLink

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4110 a. A summary of the investment activity and rate of return for the fiscal year then ended; b. A discussion of how the year's investment activity compares to the stated objectives and the budgeted amount; c. A detailed comparison of total rate of return with other benchmarks. Benchmarks for comparison may include: the Minnesota Municipal Money Market fund; other state investment pools that have similar investment restrictions; treasury bill rates that are indicative of a strictly passive investment strategy; performance indexes, as set forth in the Government Finance Officers' monthly publication of the Public Investor (e.g. the 10 bill index); or any other index that may be deemed appropriate; d. A discussion of the outlook for interest rates and the economic trend for the upcoming year, investment strategies to be implemented, and budgetary expectations for investment income. INVESTMENT COMMITTEE The City Council may appoint an investment committee to serve at its pleasure. The • mission of the committee shall be to monitor the City's investment portfolio and make recommendations to the Finance Director and/or City Administrator regarding the same. The committee shall consist of five members defined as follows: the City Finance Director, the City Administrator, two City Council members, and one member of the community who has a background in public finance and no financial connection with the City. The Finance Director shall serve as the facilitator of the committee. The committee shall meet as often as it sees fit, but no less than once per year and no more than once per quarter. CONCLUSION The intent of this policy is to ensure the safety of all City funds. The main goal of the City will be to achieve a market rate of return while maintaining the safety of its principal. Amended this 10th day of May, 2006 by the City Council of the City of Forest Lake. APPROVED: ATTEST: • Mayor Clerk/Administrator - 8 -