The objectives will be sought utilizing the prudent investor
concept without incurring a level of rate-of-return volatility materially
greater than that generally associated with funds of similar character.
The objectives are:
A. Preserve the real (inflation-adjusted) principal value of the Town's
invested assets.
B. Maintain liquidity and match fund to ensure that the Town can meet
its short- and long-term cash flow requirements.
C. Within the constraints of this policy, increase the real (inflation-adjusted)
value of the portfolio beyond that currently achieved with those funds
needed for the Town's short-term operational and capital needs.
The Investment Committee will review the investment manager's
decisions and performance on at least a semiannual basis, with a quarterly
basis preferred. Financial reports to the Town shall be provided by
the investment manager on a monthly basis.
The Investment Committee shall review the Investment Policy
and the implementation plan on an annual basis and recommend changes,
if any, to the Town Council for approval. Any changes to this policy
or the plan for its implementation must be approved by the Town Council.