(A) The Finance Director is responsible for ensuring compliance with the city's investment policies as well as for establishing systems of internal control to ensure the assets of the city are protected from loss, theft, or misuse and to regulate the activities of delegated appointees.
(B) The internal control's structure shall address the following points:
(1) Custodial safekeeping;
(2) Avoidance of physical delivery of securities;
(3) Clear delegation of authority to appointees;
(4) Written confirmation of transactions for investments and wire transfers; and
(5) The city's external auditor will assure City Council that the portfolio complies with policies and procedures during the annual independent audit.
(Ord. 16-21, passed 6-8-21)