(A) The Finance Director for the city shall report monthly to the City Manager and/or City Council concerning the status of investments. The report shall include the amount of city moneys invested, the average rate and maturities, and the cost value and market value of those investments. The Finance Director will report on the custody and safekeeping of city investments, stating how the safekeeping arrangements are structured. Any losses or potential losses on the liquidation of investments shall be disclosed at the next Council meeting after the loss becomes known.
(B) The Finance Director shall report monthly to the City Manager and/or City Council members concerning the adequate collateralization of city moneys. The Finance Director will report on which deposits are covered under the Option 1 method of collateralization and those deposits covered under Option 2. The Finance Director will report any cases where collateral held by an Option 1 financial institution has declined to a level that was materially less than the value of deposits.
(C) The Finance Director shall report to the City Manager and/or City Council any changes in bank service charges and the amount of additional moneys required to off-set the increased banking costs. The Finance Director shall also report to the City Manager and/or Council concerning the issuance of a Request for Proposal for Banking Services (RFP) and recommendations or selection of an official depository once the RFPs have been analyzed and compared.
(D) The Finance Director shall report to the City Manager and/or Council the status of delinquent tax payments and other revenues due to the city from private persons.
(E) The Finance Director shall semi-annually submit the LGC-203, Report of Cash Balance to the secretary of the Local Government Commission pursuant to G.S. § 159-33. This information, with appropriate explanations, shall also be reported to the City Manager and/or Council at the next scheduled Council meeting after each report has been submitted to the Local Government Commission.
(F) Each year the plan shall be reviewed by the Finance Director during budget preparation. The Finance Director shall report to the City Manager and/or City Council any amendments he or she has adopted, any procedural changes he or she has made, and any actions he or she recommends the Council take to enhance the cash management plan.
(`90 Code, Appendix A, § 47)