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DRAFT POLICY(2-14-17) <br /> ERMU Commission Policy No. G.2h.2 <br /> Financial Reserves & Investment Committee Charter Page 2 of 2 <br /> 2. On a periodic basis, the Committee will review the investment balances and the various <br /> investment instruments for return, liquidity, and diversification. The Committee may <br /> present options and make recommendations to the Commission for their consideration. <br /> 3. Annually, when the Commission designates the official depository for the year, it should <br /> provide for the Finance & Office Manager to recommend that additional depositories be <br /> designated for the purpose of investing funds. <br /> 4. On behalf of the Commission and Committee, new Investments will be authorized by the <br /> Finance & Office Manager, with the funds actually being transferred via a check produced <br /> by the NP Specialist, and recorded in the check register detail presented at the regular <br /> Commission meetings. Investments that mature shall be reinvested by the Finance <br /> Director. All investing will be transacted working with the investment firm(s) or bank(s) for <br /> the best rate of return within the constraints of the ERMU Investment Policy. In the event <br /> that the Finance & Office Manager is unable to conduct above the investment <br /> responsibilities, the General Manager has the authority to act in his/her absence. <br /> 5. On a periodic basis, the Committee will review the Financial Reserves Policy and reserves <br /> balances. The Committee may present options and make recommendations regarding <br /> modification of the Financial Reserves Policy to the Commission for their consideration. <br /> Schedule: <br /> At a minimum, the Committee shall meet on a annual basis. <br /> Termination: <br /> The Committee shall exist until at such time formal action of the Commission is taken to dissolve <br /> the Committee. <br /> Elk River <br /> Municipal Utilities <br /> 112 <br />