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4 $ <br /> 11.0 Maturities <br /> To the extent possible, the City will attempt to match its investments with anticipated cash <br /> flow requirements. Maturities of investments will be selected based on the City's liquidity <br /> requirements and market conditions to minimize interest rate risk and maximize earnings. <br /> Funds in excess of liquidity requirements may be invested in maturities of up to ten years. <br /> However, to provide for ongoing market opportunity, the weighted average effective <br /> duration of the overall portfolio shall not exceed five years without prior approval of the <br /> Investment Committee. <br /> 12.0 Internal Controls <br /> The Treasurer is responsible for establishing and maintaining an internal control structure <br /> designed to ensure that the assets are protected from loss, theft or misuse,which will be <br /> subject to annual review by the state auditor. The internal controls shall address the <br /> following points: <br /> • Control of collusion <br /> • Separation of transaction authority from accounting and recordkeeping <br /> • Custodial Safekeeping <br /> • Avoidance of physical delivery securities <br /> • Clear delegation of authority to subordinate staff members <br /> • Written confirmation of transactions for investments and wire transfers <br /> 13.0 Reporting Requirements <br /> A monthly report will be submitted to City Administration and City Council, summarizing the <br /> current position of the portfolio. At a minimum, this report will include: <br /> • A listing of individual securities held at the end of the reporting period by authorized <br /> investment category <br /> • Asset allocation of types of securities <br /> • Performance of the portfolio and its appropriate benchmark(s) <br /> Additional information may be requested by Administration and City Council. <br /> 14.0 Performance Standards <br /> The investment portfolio will be designed to obtain a market average rate of return during <br /> budgetary and economic cycles, taking into account the City's investment risk constraints <br /> and cash flow needs. The Investment Committee will use established benchmarks to <br /> determine whether market yields are being achieved and the effectiveness of its investment <br /> strategy. These benchmarks shall be the current average U.S. Treasury Note rate that <br /> corresponds to the average life of the investments in the portfolio, the Washington State <br /> Local Government Investment Pool earnings rate, and other relevant measurement tools. <br /> 6 City of Everett Investment Policy(2017) <br /> 20 <br />