The City Treasurer or his or her designee shall prepare written cash management procedures, which shall include, but not be limited to, the following:
(A) Receipts. All monies due the city 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 city. Amounts that remain uncollected after a reasonable length of time shall be subject to any available legal means of collection previously approved by the City Council. One of the objectives of the city’s cash management procedures is to comply with the provisions of the Illinois Revised Statutes, 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 budget appropriations.
(C) Financial forecast. At least annually, a financial forecast will be prepared using expected revenue sources and items of expenditure to project cash requirements for future years of the city. An analysis will be prepared for both operating and non-operating revenues and expenditures. These analyses will provide a guide for determining the length and amount of investments.
(D) Pooling of cash. Except where otherwise provided by the City Council, the City Treasurer or his or her designee will be authorized to pool the cash of various funds to maximize investment earnings where in his or her opinion it is advantageous and prudent to do so. Investment income will be allocated to the various funds based upon their respective participation. These investments, directed by the City Treasurer or Council, may be on a bid or non-bid basis as the Council deems fit.
(E) Ethics and conflicts of interest. Officers and employees involved in the investment process shall refrain from personal business activity that could conflict with proper execution of the investment program, or impair their ability to make impartial investment decisions. Employees and investment officials shall disclose to the Mayor any material financial interests in financial institutions that conduct business within this jurisdiction, and they shall further disclose to the Mayor any financial investment positions that could be related to the performance of the city, particularly with regard to the time of purchases and sales.
(Ord. 99-O-17, passed - -99; Am. Ord. 2001-O-13, passed - -01)