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ERMU Commission Policy – G.2g2 Financial Reserves & Investment Committee Charter <br />______________________________________________________________________________ <br /> <br />______________________________________________________________________________ <br /> <br />Page 2 of 2 <br /> <br />SPECIFIC DUTIES: <br /> <br />1. At the request of the Commission, research and analyze topics related to financial reserves <br />and investments. <br /> <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 present <br />options and make recommendations to the Commission for their consideration. <br /> <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 /> <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 by <br />the A/P Specialist, and recorded in the check register detail presented at the regular <br />Commission meetings. Investments that mature shall be reinvested by the Finance & Office <br />Manager. 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 the above investment <br />responsibilities, the General Manager has the authority to act in his/her absence. <br /> <br />5. On a periodic basis, the Committee will review the Financial Reserves Policy and reserve <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 /> <br />SCHEDULE: <br /> <br />At a minimum, the Committee shall meet on an annual basis. <br /> <br />TERMINATION: <br /> <br />The Committee shall exist until at such time formal action of the Commission is taken to <br />dissolve the Committee. <br /> <br />POLICY HISTORY: <br /> <br />Adopted May 9, 2017 <br />52