In order to ensure the safety of public monies and the legality of City investments, the Director of Finance shall promulgate a cash management and investment policy for the City consistent with the provisions of this chapter, which shall include, but not be limited to, the following:
(1) The goals and objectives of the policy;
(2) Identification of the funds to be managed and invested in accordance with the policy, including identification of different investment strategies for different funds and the term of different types of investments;
(3) A list of authorized investments, including the extent to which the City may invest in specific eligible investment instruments;
(4) The policies and procedures for daily investments and the documentation of transactions, including the safekeeping of securities;
(5) Reporting requirements to be prepared by the Director of Finance or the Director’s designee;
(6) Procedures for evaluation of eligible depositories and securities dealers; and
(7) A system of internal controls governing the deposit and investment of public monies and a procedure for reviewing and monitoring these controls.
On an annual basis, the Cash Management and Investment Policy shall be reviewed by the Director of Finance and, if the Director deems necessary, be revised and updated. A copy of the Cash Management and Investment Policy promulgated or revised and updated pursuant to this section shall be delivered to the Clerk of City Council by April 1st of each year and published in the City Record.
(Ord. No. 2353-93. Passed 2-14-94, eff. 2-23-94)