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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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6/20/2007
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• City of Sauk Rapids <br /> Investment Policy <br /> Purpose <br /> The purpose of this policy is to establish specific guidelines the City of Sauk Rapids will use in <br /> the investment of City funds. It will be the responsibility of the Finance Director or City <br /> Administrator to invest City funds in order to attain a market rate of return while preserving and <br /> protecting the capital in the overall portfolio. Investments will be made,based on statutory <br /> constraints, in safe, low risk investments. <br /> Scope <br /> The Finance Director is responsible for the investing of all funds in the custody of the City, <br /> including, but not necessarily limited to, the General Fund, Special Revenue Funds, Debt Service <br /> Funds, Capital Project Funds, Enterprise Funds, Agency Funds, and various Housing and <br /> Redevelopment Funds. <br /> Prudence <br /> The standard of judgement to be used by investment officials shall be the "prudent investor", and <br /> shall be applied in the context of managing the overall portfolio. Persons acting in accordance <br /> with this policy and with MN Statute 118A, and exercising prudent judgement and due diligence <br /> shall be relieved of personal responsibility for an individual security's credit risk or market price <br /> changes, provided that reasonable action is taken in a timely manner to control adverse <br /> • developments and unexpected deviations are reported to the City Council as soon as possible. <br /> Objective <br /> There are three main objectives of all investment activities that are prioritized as follows: <br /> Safety Safety of principal is the foremost objective of the City. Each investment <br /> transaction shall seek to first insure that capital losses are avoided. The objective will be to <br /> mitigate credit risk and interest rate risk. <br /> Credit Risk is the risk of loss due to failure of the security issuer or backer. <br /> Interest Rate Risk is the risk that the market value of securities in the portfolio will fall <br /> due to changes in general interest rates. <br /> Liquidity The investment portfolio shall remain sufficiently liquid to meet all cash <br /> operating requirements that may be reasonably anticipated. This is accomplished by <br /> structuring the portfolio so that securities mature concurrent with cash needs to meet <br /> anticipated demands. <br /> Yield The investment portfolio of the City of Sauk Rapids shall be designed to <br /> attain a market-average rate of return through budgetary and economic cycles, taking into <br /> consideration the city's investment risk constraints, cash flow characteristics of the <br /> portfolio and prudent investment principles. <br />
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