Ordinance 3536-17 - Laserfiche WebLink

11.0 Maturities To the extent possible, the City will attempt to match its investments with anticipated cash flow requirements. Maturities of investments will be selected based on the City's liquidity requirements and market conditions to minimize interest rate risk and maximize earnings. Funds in excess of liquidity requirements may be invested in maturities of up to ten years. However, to provide for ongoing market opportunity, the weighted average effective duration of the overall portfolio shall not exceed five without prior approval of the Investment Committee. 12.0 Internal Controls The Treasurer is responsible for establishing and maintaining an internal control structure designed to ensure that the assets are protected from loss, theft or misuse, which will be subject to annual review by the state auditor. The internal controls shall address the following points: • Control of collusion • Separation of transaction authority from accounting and recordkeeping • Custodial Safekeeping • Avoidance of physical delivery securities • Clear delegation of authority to subordinate staff members • Written confirmation of transactions for investments and wire transfers 13.0 Reporting Requirements A monthly report will be submitted to City Administration and City Council, summarizing the current position of the portfolio. At a minimum, this report will include: • A listing of individual securities held at the end of the reporting period by authorized investment category • Asset allocation of types of securities • Performance of the portfolio and its appropriate benchmark(s) Additional information may be requested by Administration and City Council. 14.0 Performance Standards The investment portfolio will be designed to obtain a market average rate of return during budgetary and economic cycles, taking into account the City's investment risk constraints and cash flow needs. The Investment Committee will use established benchmarks to determine whether market yields are being achieved and the 7 I City of Everett Investment Policy (2017)