4.9. SR 06-17-2019 - Laserfiche WebLink

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Council will determine the portion of this contribution to be allocated to the General Fund, Library and the Equipment Replacement funds. 6. The City Council will determine the chargeback to the Sewer, Stormwater, and Garbage funds for administration of the sanitary sewer system, storm water, and garbage collection. 7. Any operating transfer not included in the budget must be approved by the City Council. Cash Management 1. Cash balances shall be pooled from all funds to maximize investment earnings with the exception of legal and specific practical requirements that demand segregation of funds. 2. Funds received are to be deposited into an interest-bearing account with the cdesignated official depository by the next business day. 3. Cash on hand is to be kept to the minimum required to meet daily operational needs. Investments Public funds shall be invested in a manner which will provide the highest investment return with the maximum security while meeting the daily cash flow demands in conformance with all state and local statutes governing the investment of public funds. The investment policy applies to all financial assets of the municipality. These funds are accounted for in the cComprehensive Annual Financial Report (CAFR) and include all city funds with the exception of the Water and Electric funds which fall under the investment policy adopted by the ERMU Commission. Investments shall be made with judgment and care under prevailing circumstances 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. by Minnesota Statute §356A.04, Subd. 2, and shall be applied in the context of managing an overall portfolio. Investment officers acting in accordance with written procedures and the investment policy and exercising due credit risk or market price changes, provided deviations from expectations are reported in a timely fashion and appropriate action is taken to control adverse developments. All investments shall be limited to those permitted by Minnesota Statute §118A. The primary objectives, in 1. Safety - Investments shall be undertaken in a manner that seeks to ensure the preservation of capital in the overall portfolio. To attain this objective, diversification is required in order that losses on individual securities do not exceed the income generated from the remainder of the portfolio. 2. Liquidity - The investment portfolio will remain sufficiently liquid to enable the city to meet all operating requirements which might be reasonably anticipated. 3. Return on Investment - The investment portfolio shall be designed with the objective of attaining a market rate of return throughout budgetary and economic cycles. The investment strategy will take into account the constraints on risk and cash flow characteristics of the investment portfolio. 4. Maintain - All officials and employees who are part of the investment process shall seek to act responsibly as custodians of the public trust. Investment officials shall avoid any transaction that might impair public confidence in the ability to govern effectively. Authority to manage the cityManagement responsibility for the investment program is hereby delegated to the finance director. No person may engage in Financial Management Policies Page 2