Section
224.01 Introduction
224.02 Scope
224.03 Objectives
224.04 Prudence
224.05 Authorized dealers and financial institutions
224.06 Authorized investments
224.07 Maximum maturities
224.08 Safekeeping and custody
224.09 Prohibited investment practices
224.10 Internal controls
224.11 Records and reporting
224.12 Education
224.13 Ethics and conflicts of interest
224.14 Nonbinding arbitration
224.15 Investment policy review and revision
It is the policy of the City of Shelby, Ohio, to invest public funds in a manner that will provide the highest investment return with maximum security, safety, and preservation of principal while meeting the daily cash flow needs of the city and conforming to applicable laws governing the investment of public funds by an Ohio municipality. The Director of Finance and Public Record is the investment officer for the city, charged with the responsibility for the purchase and sale of investments and the implementation of and compliance with this investment policy.
(Ord. 16-2016, passed 7-18-2016)
This investment policy applies to all financial assets of the city, including state and federal funds held by it, other than funds held and invested pursuant to the express terms of a trust agreement. The Director of Finance and Public Record shall routinely monitor the contents of the city’s investment portfolio, the available markets and relative value of competing investments and shall adjust the portfolio accordingly.
(Ord. 16-2016, passed 7-18-2016)
The primary objectives, in priority order, of the city’s investment activities shall be:
(a) Safety. Safety of principal is the foremost objective of the investment program. City investments should be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. To attain this objective, diversification is required in order that potential losses on individual securities do not exceed the income generated from the remainder of the portfolio.
(b) Liquidity. The city’s investment portfolio should remain sufficiently liquid to enable it to meet all operating requirements that might be reasonably anticipated.
(c) Return on investment. The city’s investment portfolio should be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles, taking into account this investment policy and the cash flow characteristics of the portfolio.
(Ord. 16-2016, passed 7-18-2016)
Loading...