Ordinance 1903-92 - Laserfiche WebLink

• • CITY OF EVERETT INVESTMENT POLICY Adopted by the Everett City Council As of , 1992 1.0 Policy. It is the policy of the City of Everett to invest public funds in a manner which will provide the highest investment return with the maximum security while meeting the daily cash flow demands of the entity and conforming to all state and local statutes governing the investment of public funds. Cash may, at the discretion of the City Treasurer, be invested separately by fund or be commingled into a common investment portfolio and earnings from such portfolio distributed at least quarterly. The City Treasurer has been authorized by Ordinance 901-82 to manage the investments described herein. 2 .0 Scope. This investment policy, which was adopted on the date hereof by the Everett City Council in Ordinance No. -92, supersedes any previous investment policy and applies to all financial assets of the City, except Firemen's Pension Fund which is covered in a separate investment policy. These funds are accounted for in the City's Comprehensive Annual Financial Report and include: 2 . 1 Funds: 2 . 1. 1 General Fund 2 . 1.2 Special Revenue Funds 2 . 1. 3 Debt Service Funds 2 . 1.4 Capital Projects Funds 2. 1.5 Enterprise Funds 2 . 1. 6 Internal Service Funds 2. 1.7 Fiduciary Funds including Pension Trust Funds, Expendable Trust Funds and Agency Funds, excluding the Firemen's Pension Fund that falls under a separate investment policy adopted by the Firemen's Pension Fund Board. 3 . 0 Prudence. The investments shall be made with the judgment and care--under circumstances then prevailing-- which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived.