As contemplated by RCW 35.39.032, there is created an Investment Committee composed of the Financial Services Director, City Treasurer, and the City Council Finance Committee or its successor committee as determined by the City Council, which Committee is authorized on behalf of the City to develop and recommend policies regarding the investment of City funds and monitor and oversee the investment of all monies in the City Treasury which are in excess of current City needs or which are contained in inactive funds. The Committee may, in its discretion, include as a non-voting member of the Committee an individual chosen from the public sector with appropriate technical expertise. The City Treasurer is directed to implement the Investment Committee's decisions and to hold such investments for the credit of the funds for which purchased.
The City Treasurer is authorized to convert the securities, or any part thereof, into cash. (S)he shall provide reports to the Finance Committee, monthly, of all investment transactions and shall be subject to the guidance and control of the Committee.
The City Attorney, or an Assistant City Attorney, shall be the legal advisor to the Committee.
(Ord. 3955 § 1, 1985; Ord. 4120 § 1 1987; Ord. 4928 § 2, 2005; Ord. 5024 § 1 (part), 2007)
The chairperson of the Finance Committee shall also serve as the Investment Committee chairperson. The Investment Committee shall meet as a regular portion of the Finance Committee. Any voting member may call a special meeting by giving notice to all members.
(Ord. 3955 § 2, 1985; Ord. 5024 § 1 (part), 2007)
The Investment Committee may, in its discretion:
(a) 
Determine which funds shall be invested on an individual fund basis and which funds shall participate within one (1) or more common investment portfolio(s);
(b) 
Apportion earnings and losses to those funds participating in a common investment portfolio. Those funds shall receive a return in proportion to the amount of money earned by each, and the remainder shall be allocated to the general fund, as authorized by state law;
(c) 
The Investment Committee shall submit to the City Council a resolution establishing general criteria and procedures for interfund loans which shall, at a minimum, include the criteria set forth in Part 3, Chapter 4, §A of the BARS Manual;
(d) 
The City Treasurer shall make all interfund loans in accordance with the resolution establishing general interfund criteria and procedures and shall obtain council approval prior to consummation of the loan by resolution.
(Ord. 3955 § 3, 1985; Ord. 4928 § 3, 2005; Ord. 5024 § 1 (part), 2007)
(a) 
The City's common investment portfolio(s) shall be managed to further this financial objective: To maximize the City's return on investment dollars consistent with sound investment principles;
(b) 
The Investment Committee shall only authorize the types of investments set forth by state law and which are in accord with the U.S. Internal Revenue Code and other appropriate authorities. All investments shall be made in accord with Article V, §25 of the Bremerton City Charter;
(c) 
The Investment Committee shall develop such policies and procedures as are necessary to facilitate the investment process.
(Ord. 3955 § 4, 1985; Ord. 5024 § 1 (part), 2007)
(a) 
Annual. An estimate of annual investment earnings for the ensuing fiscal year shall be prepared by the Committee for adoption by the City Council as part of the City's annual budget. Any proposed revisions to City investment policies which the committee shall find advisable, including, but not limited to, apportionment of interest by fund and for interfund loans will be submitted for adoption by the City Council by resolution. An annual evaluation report, due at the conclusion of the first quarter of the following year, shall also assess the City's performance in meeting its goals and compare its performance with the results of investments by other governmental entities in Washington.
(b) 
Monthly. After the end of each month, the Financial Services Department shall make a monthly report to the Mayor and City Council of the status of the investment portfolio, which report shall describe any material change in the City's portfolio and its investment practices.
(Ord. 3955 § 5, 1985; Ord. 5024 § 1 (part), 2007)