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• <br /> Police Pension Investment Policy <br /> This review will provide internal control by assuring compliance with policies and <br /> procedures. <br /> 14.0 Performance Standards. The investment portfolio will be designed to <br /> obtain a market average rate of return during budgetary and economic cycles, <br /> taking into account the City's investment risk constraints and cash flow needs. <br /> 14.1 Market Yield (Benchmark). The City's investment strategy is <br /> active. Given this strategy, the basis used by the City Investment <br /> Committee to determine whether market yields are being achieved shall <br /> be the Average 5 Year U.S. Treasury Note Rate or the Average U.S. <br /> Treasury Note with the average life of the portfolio. The benchmarks will <br /> be subject to change as the structure of the portfolio changes. <br /> 15.0 Reporting. The Treasurer is charged with the responsibility of including a <br /> market report on investment activity and returns in the City's Comprehensive <br /> Annual Financial Report. This report shall contain such information as the <br /> Treasurer deems appropriate, provided that the Finance Director and the <br /> Finance Committee shall have the right to request that specific information be <br /> provided in the report. The Finance Director will determine what investment <br /> information should be included in the monthly financial report. A quarterly report <br /> of investment portfolio performance shall be provided to the Police Pension <br /> Board. <br /> 20.0 Investment Policy Adoption. The Police Pension Fund investment policy <br /> shall be adopted by motion of the Police Pension Board and by Ordinance by <br /> the Everett City Council. The policy shall be reviewed on an annual basis by the <br /> City Investment Committee and any modifications made thereto must be <br /> approved by the Everett City Council and the Police Pension Board. <br /> invpolfp <br /> 7/9/96 <br /> page 5 <br />