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06-20-07 FPAC Minutes
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06-20-07 FPAC Minutes
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06-20-07 Minutes
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6/20/2007
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• Money market mutual funds regulated by the Securities and Exchange Commission <br /> • and whose portfolios consist only of dollar-denominated securities;and <br /> • LGIPs either state-administered or developed through joint powers statutes and <br /> other intergovernmental agreement legislation. <br /> Investment in derivatives of the above instruments shall not be allowed. <br /> 2. Collateralkation <br /> Where allowed by state law and in accordance with the GFOA Recommended Practices on <br /> the Collateralization of Public Deposits, full collateralization will be required on all demand <br /> deposit accounts,including checking accounts and non-negotiable certificates of deposit. <br /> VIII. INVESTMENT PARAMETERS <br /> 1. Diversification <br /> The investments shall be diversified by: <br /> • Limiting investments to avoid over concentration in securities from a specific issuer <br /> or business sector (excluding U.S. Treasury securities); <br /> • Limiting investment in securities that have higher credit risks; <br /> • Investing in securities with varying maturities; <br /> • Continuously investing at least 10 percent of the portfolio in readily available funds <br /> • such as LGIPs, money market funds to ensure that appropriate liquidity is <br /> maintained in order to meet ongoing obligations;and <br /> • Never investing more than 20 percent of the portfolio in securities with final <br /> maturities greater than five years. <br /> 2. Maximum Maturities <br /> To the extent possible, the City shall attempt to match its investments with anticipated cash <br /> flow requirements. Unless matched to a specific cash flow,the City will not directly invest in <br /> securities maturing more than ten (10)years from the date of purchase or in accordance with <br /> state and local statutes and ordinances. The City shall adopt weighted average maturity <br /> limitations (which often range from 90 days to 3 years), consistent with the investment <br /> objectives. <br /> Because of inherent difficulties in accurately forecasting cash flow requirements,a portion of <br /> the portfolio should be continuously invested in readily available funds such as LGIPs or <br /> money market funds to ensure that appropriate liquidity is maintained to meet ongoing <br /> obligations. <br /> 3. Competitive Bids <br /> The Treasurer shall obtain competitive bids from at least two brokers or financial institutions <br /> on all purchases of investment instruments purchased on the secondary market. <br /> 410 IX. REPORTING <br /> Page 6 of 8 <br />
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