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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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• <br /> II. CONTEXT <br /> The Portfolio provides funding for current and future operating expenses, a reserve to <br /> cover unplanned shortfalls and investment income to support the activities of the City. <br /> The Portfolio is managed in three components ("Component Portfolios")as follows: <br /> A. Daily Portfolio: The"daily"component("Daily Portfolio")represents current <br /> operating funds on which draws are made frequently, requiring daily liquidity and <br /> preservation of principal. The Daily Portfolio is managed internally by the Cash <br /> Manager. <br /> B. Short Term Portfolio:A short-term component(Short Term Portfolio") serves as a <br /> cushion to provide liquidity for possible shortfalls in the Daily Portfolio. Draws <br /> against the short-term portfolio are expected to be infrequent. The Short Term <br /> Portfolio is managed internally by the Cash Manager. <br /> C. Intermediate Term Portfolio: The balance of the Portfolio represents the intermediate • <br /> term component("Intermediate Term Portfolio")which serves as a reserve for <br /> unplanned shortfalls. In general,the Intermediate Term Portfolio is not expected to <br /> experience withdrawals. A portion of the Intermediate Term Portfolio is managed <br /> internally by the Treasury Manager and the balance is managed by external managers. <br /> III. STANDARDS OF CARE <br /> A. Prudence <br /> The standard of prudence to be used by investment officials shall be the"prudent <br /> investor rule"and shall be applied in the context of managing the overall portfolio. <br /> Investment officers acting in accordance with written procedures and this investment <br /> policy and exercising due diligence shall be relieved of personal responsibility for an <br /> individual security's credit risk or market price changes, provided deviations from <br /> expectations are reported in a timely fashion and the purchase and sale of securities <br /> are carried out in accordance with the terms of this policy. • <br /> 3 <br />
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