(A) Methods.
(1) The Treasurer shall cause the preparation of an investment report periodically, including a management summary that provides an analysis of the status of the current investment portfolio and the individual transactions executed over the last quarter.
(2) This management summary will be prepared in a manner which will allow the town to ascertain whether investment activities during the reporting period have conformed to the investment policy. The report should be provided to the town’s Investment Board.
(3) The report will include, at a minimum, the following:
(a) An asset listing showing par value, cost and accurate and complete market value of each security, type of investment, issuer and interest rate;
(b) Maturity distribution of the portfolio;
(c) Average portfolio credit quality;
(d) Rate of return for the portfolio for the year to date and since inception compared to the Benchmark Index returns for the same periods; and
(e) Distribution by type of investment.
(B) Annual reports.
(1) The investment policy shall be reviewed at least annually within 60 days of the end of the fiscal year to ensure its consistency with the overall objectives of preservation of principal, liquidity and return, and its relevance to current law and financial and economic trends.
(2) A comprehensive annual report shall be presented in conjunction with the investment policy review. This report shall include comparisons of the town’s return to the Benchmark Index return, shall suggest policies and improvements that might enhance the investment program, and shall include an investment plan for the coming year.
(C) Annual audit. The governing body of the town shall establish an annual process of independent review by the external auditor to assure compliance with internal controls. Such audit will include tests deemed appropriate by the auditor.
(Prior Code, § 3.A08.120) (Ord. 2018-22, passed 12-12-2018)