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06-20-07 FPAC Minutes
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06-20-07 FPAC Minutes
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6/24/2024 4:07:07 PM
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06-20-07 Minutes
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Minutes
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6/20/2007
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• <br /> 1. Reporting • <br /> The Finance Director shall submit annually an investment report that summarizes recent <br /> market conditions, economic developments and anticipated investment conditions. The <br /> report shall summarize the investment strategies employed in the most recent quarter,as well <br /> as the past year, and describe the portfolio in terms of investment securities,maturities,risk <br /> characteristics and other features. The report shall explain the quarter's total investment <br /> return and compare the return with budgetary expectations. The report shall include an <br /> appendix that discloses all transactions during the past year. The report shall be in compliance <br /> with state law and shall be distributed to the City Council and others as required by law. Each <br /> report shall indicate any areas of policy concern and suggested or planned revision of <br /> investment strategies. <br /> 2. Performance Standards <br /> The City's cash management portfolio shall be designed with the objective of regularly <br /> meeting or exceeding a selected performance benchmark,which shall be the average return on <br /> three-month U.S.Treasury bills. <br /> 3. Marking to Market <br /> The market value of the portfolio shall be calculated at least quarterly and a statement of the <br /> market value of the portfolio shall be issued at least quarterly. This will ensure that review of <br /> the investment portfolio,in terms of value and price volatility,has been performed consistent <br /> with the GFOA Recommended Practice on "Mark-to-Market Practices for State and Local <br /> Government Investment Portfolios and Investment Pools." In defining market value, <br /> considerations should be given to the GASB Statement 31 pronouncement. <br /> X. POLICY CONSIDERATIONS <br /> 1. Exemption <br /> Any investment currently held that does not meet the guidelines of this policy shall be <br /> exempted from the requirements of this policy. At maturity or liquidation,such monies shall <br /> be reinvested only as provided by this policy. <br /> • <br /> Page 7 of 8 <br />
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