5.2. ERMUSR 08-12-2014 - Laserfiche WebLink

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ROLE OF THE FINANCAL RESERVES AND INVESTMENT COMMITTEE The Financial Reserves and Investment Committee exists to help the Commission develop and maintain industry appropriate financial reserves and investment policies. The Committee shall be comprised of the Commission delegated representative,the General Manager, and the Finance and Office Manager. The Commission delegated representative shall preside as Committee Chair. The Committee meetings may be open or closed to employees depending at the discretion of the Committee Chair. mi shall include: Specific duties of the Committee shat nclude: 1. At the request of the Commission, research and analyze topics related to financial reserves and investments. 2. On a periodic basis,the Committee will review the investment balances and the various investment instruments for return, liquidity, and diversification. The Committee may present options and make recommendations to the Commission for their consideration. 3. Annually, when the Commission designates the official depository for the year, it should provide for the Finance Director to recommend that additional depositories be designated for the purpose of investing funds. Example: 2.0 CONSENT AGENDA(APPROVED BY ONE MOTION) 2.1 Check Register 2.2 Previous Meeting Minutes 2.3 Financial Statements 2.4 Designate First National Bank of Elk River as official depository for 2014 2.4a The Finance Director recommends that the following additional depositories be designated for purpose of investing funds: [ ... ) 4.5 Designate Elk River Star News as official newspaper for 2014 4. On behalf of the Commission and Committee, new Investments will be authorized by the Finance Director, with the funds actually being transferred via a check produced by the A/P Specialist, and recorded in the check register detail presented at the regular Commission meetings. Investments that mature shall be reinvested by the Finance Director. All investing will be transacted working with the investment firm(s) or bank(s) for the best rate of return within the constraints of the ERMU Investment Policy. In the event that the Finance Director is unable to conduct above the investment responsibilities,the General Manager has the authority to act in his/her absence. Governance Handbook Page 9 Proposed August 2014 58