The following policies and guidelines are established as investment
rules governing the investment of local funds:
(1)
All
city funds from various revenue sources shall be billed or requested
as early as they are recognized, computed, and determined to be due
to the city.
(2)
Funds
received by the city shall be deposited into the depository bank at
the end of each business day or as early as practical as operating
circumstances will allow.
(3)
All
debts owed by the city shall be paid not later than the date they
come due.
(4)
Based
on cash forecasts, all monies not required immediately to pay obligations
shall be invested in an income-producing instrument or account.
(5)
All
investment activities and procedures shall be governed by written
investment strategies and policies that are adopted by the city. Such
strategies and policies shall be reviewed and approved at least annually.
The city administrator may authorize emergency revisions to the investment
policy required by updates to state and federal laws. Any other significant
alterations to the investment policy must be approved by the city
council.
(Ordinance adopting Code)
The city’s funds shall be invested in appropriate instruments
in such a manner as to ensure the safety of investments, retention
of investment principal, maintenance of sufficient liquidity to cover
operating needs, diversity of the portfolio, and maximization of yield.
The preceding objectives are listed in order of priority. The city
shall invest in instruments providing the highest rate of return,
as long as such investments do not conflict with the other priorities
of the city’s investment portfolio or statutes of this state
regulating investments of city funds.
(Ordinance adopting Code)
The city council hereby designates the investment officers of
the city to be the city administrator and city secretary. The city
administrator and city secretary will have the overall responsibility
to ensure that investment objectives are accomplished and that the
guidelines of the investment policy are followed. The city administrator
shall designate staff members to administer the daily functions of
managing the cash and investments of the city, but these persons must
be authorized as investment officers by a resolution of the city council
before they are delegated any investment duties.
(Ordinance adopting Code)
At least quarterly, the investment officers shall prepare a
written report concerning the city’s investment transactions
for the preceding quarter. This report will describe in detail the
investment position of the city at the end of each quarter. A report
on investment activity for the fiscal year shall be presented as the
report for the fourth quarter. The reports shall be signed by the
city administrator, the city secretary and all other authorized investment
officers and presented to the city council.
(Ordinance adopting Code)
