2017/03/29 Council Agenda Packet

15.0 12.0 Annual Financial Report. This report shall contain such information as the Investment •• -- -•-• - - -•--. Reporting Requirements - - A monthly report will be submitted to City Administration and City Council, summarizing the current position of the portfolio. 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 13.0 investment Policy Adoption. The City's Investment Policy shall be adopted by Ordinance by the Everett City Council. The City Investment Committee shall review the policy on an annual basis, with any modifications made thereto approved by the Everett City Council prior to implementation. 16.0 Glossary ACCRUED INTEREST-The interest accumulated on a bond since issue date or the last coupon payment.The buyer of the bond pays the market price and accrued interest, which is payable to the seller. AGENCY-A debt security issued by a federal or federally sponsored agency. Federal agencies are backed by the full faith and credit of the U.S. Government. Federally Sponsored Agencies (FSAs) are backed by each particular agency with a market perception that there is an implicit government guarantee. (Also see FEDERAL AGENCY SECURITIES and GOVERNMENT SECURITY) AMORTIZATION -In portfolio accounting, periodic charges made against interest income on premium bonds in anticipation of receipt of the call price at call or of par value at maturity. BANKERS ACCEPTANCES (RAs) - Bankers Acceptances generally are created based on a letter of credit issued in a foreign trade transaction.They are used to finance the shipment of commodities between countries as well as the shipment of some specific goods within the United States. BAs are short-term, non-interest bearing notes sold at a discount and redeemed by the accepting bank at maturity for full face value. These notes trade at a rate equal to or slightly higher than Certificates of Deposit(CDs), dependina on market ci innt„anrf,�oY,„� o ��.