This investment policy applies to the investment activities of all funds of the village, except for the police pension fund which is subject to the written order of the board of trustees of the police pension fund. In the absence of such orders, monies received and/or securities held by the village on behalf of these funds shall be administered in accordance with the provisions of this policy. The village policies for cash management are based upon the realization that there is a time value to money. Cash management procedures shall include the following:
A. Receipts: All monies due the village shall be collected as promptly as possible. Monies that are received shall be deposited in an approved financial institution no later than the next business day after receipt by the village to comply with the public funds deposit act 1 , which mandates prompt investment of funds.
B. Disbursements: Any disbursement to suppliers of goods and/or services or to employees for salaries and wages shall be contingent upon available budgeted funds. Disbursements shall be made in accordance with the village purchasing policy.
C. Cash Forecast: At least annually, a cash forecast shall be prepared using expected revenue sources and items of expenditure to project cash requirements over the fiscal year of the village. The forecast shall be updated from time to time to identify the probable investable balances that will be available. (Ord. 1166, 3-15-1999)
Notes
| 1 | 1. 30 ILCS 225/0.01. |