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• <br /> • <br /> 14.1 Investment Strategy. The City's investment strategy is active. As a <br /> result, securities are purchased and sold as it best meets the needs <br /> of the City as determined by the City Investment Committee. The <br /> Treasurer will be authorized to trade before maturity if it is in the best <br /> interest of the City to do so. <br /> 14.2 Market Yield (Benchmark Given this strategy, the basis used by <br /> the City Investment Committee to determine whether market yields <br /> are being achieved shall be the Average U.S. Treasury Note Rate <br /> which corresponds to the average life of the investments in the <br /> portfolio. <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 <br /> be provided in the report. The Finance Director will determine what <br /> investment information shall be included in the monthly financial report. <br /> 16.0 Investment Policy Adoption. The City's investment policy shall be <br /> adopted by Ordinance by the Everett City Council. The policy shall be <br /> reviewed on an annual basis by the City Investment Committee and any <br /> modifications made thereto must be approved by the Everett City Council. <br />