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9. Investment Earnings <br />Interest earnings will be credited to the source of the invested funds at the end of each <br />monthbased on the averagecash balances during the month. The City's General Fund will <br />receive.3.5% of investment earnings as an administrative fee for staff's time to administer the <br />City's: investments. This fee shall be subtracted from interest earning before allocating interest <br />each quarter. Market value adjustments and interest accruals will be allocated at the end of the <br />fiscal yearbased on the average cash balances during the fiscal year. <br />10. Reporting and Review <br />A listing of the City's investment portfolio shall be included in the financial report to the <br />City Council.. at the end of each.. fiscal quarter. The list should include date of purchase and <br />maturity, type of investment, firm invested at, yield, and interest rate. <br />11. Exemption <br />Any investment currently held that does not meet the guidelines of this policy shall be. <br />exempted from the requirement of'this policy. Upon rriaturity, if funds are re -invested the new <br />securitie.niust.conform to this policy. <br />12. Review and Approval <br />The investment policy shall be formally approved and adopted by the. City Council and <br />any future changes to the policy must be approved by the City Council. The City Council shall <br />review the investment policy annually. <br />6 <br />