HomeMy WebLinkAboutR-07-36 Budget AmendmentRESOLUTION NO. R-07-36
A RESOLUTION OF TAE CITY OF SEBASTIAN, FLORIDA,
READOPTING AMENDED FINANCIAL POLICIES GOVERNING
VARIOUS AREAS OF BUDGET AND FINANCE AS PROVIDED FOR IN
ATTACHMENT "A"; PROVIDING FOR CONFLICTS; AND PROVIDING
FOR AN EFFECTIVE DATE.
WHEREAS, the Government Finance Officers Association of the United States and
Canada recommends best practices in various areas for Finance and Budget; and
WHEREAS, the City Council deems it to be necessary to adopt and readopt such
financial policies on an annual basis,
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SEBASTIAN, FLORIDA, as follows:
SECTION 1. READOPTING AMENDED FINANCIAL POLICIES: The City
Council of the City of Sebastian hereby readopts amended Financial Policies governing the
Operating Budget, Financial Reserves, Use of Surplus, Performance Measurement, Capital
Improvement Program, Debt Management, Revenue, and Investment.
SECTION 2. All resolutions or parts of resolutions in conflict herewith are hereby
repealed.
SECTION 3. This Resolution shall take effect upon adoption.
The foregoing Resolution was moved for adoption by Council Member simchick
Motion was seconded by Council Member Neglia and, upon being put to a vote,
the vote was as follows:
Mayor Andrea Coy
Councilmember Sal Neglia
Councilmember Al Paternoster
Councilmember Dale I. Simchick
Councilmember Eugene Wolff
aye
aye
ave
aye
ave
The Mayor thereupon declared this Resolution duly passed and adopted this 19th day of
September, 2007.
CITY OF SEBASTIAN, FLORIDA
A
i
Sally A. M~fo, MMC
City Cl
~'~~~~~
Andrea Coy, Mayor
Approved as to Form and Legality for
Reliance by the City of Sebastian Only:
By: ~ ~~ J
Rich Stringer, Ci Attorney
Attachment "A"
City of Sebastian, Florida
Financial Policies
City of Sebastian's financial policies set forth the basic framework for overall fiscal planning and management
and set forth guidelines for both current activities and long-range planning. These policies are reviewed annually
to assure the highest standards of fiscal management. The City Manager and the Management Team has the
primary role of reviewing financial actions and providing guidance on financial issues to the City Council.
Overall Goals
The overall financial goals underlying these policies are:
1. Fiscal Conservatism: To ensure that the city is in a solid financial condition at all times. This can be defined
as:
A. Cash Solvency -the ability to pay bills
B. Budgetary Solvency -the ability to balance the budget
C. Long Term Solvency -the ability to pay future costs
D. Service Level Solvency -the ability to provide needed and desired services
2. Flexibility: To ensure that the city is in a position to respond to changes in the economy or new service
challenges without an undue amount of financial stress.
3. Comply with All Statutory Requirements: As set forth by the State of Florida and the City ordinances.
4. Adherence to the highest Accounting and Management Practices: As set by the Government Finance
Officers' Association standards for financial reporting and budgeting, the Government Accounting Standards
Board and other professional standards.
Operating Budget Policies
The Finance Department, with support and direction from the Office of the City Manager, coordinates the budget
process. The formal budgeting process, which begins in February and ends in September, provides the primary
mechanism by which key decisions are made regarding the levels and types of services to be provided, given the
anticipated level of available resources. Revenues and expenditures are projected on the basis of information
provided by city departments, outside agencies, current rate structures, historical data and statistical trends.
Budget Process
The development of the budget is guided by the following budget policies:
1. The budget must be balanced for all funds. Total anticipated revenues must equal total estimated expenditures
for each fund (Section 166.241 of Florida Statutes requires that all budgets be balanced).
2. All operating funds are subject to the annual budget process and reflected in the budget document.
The enterprise operations of the city are to be self-supporting; i.e., current revenues will cover current
expenditures, including debt service.
4. An administrative service fee will be assessed by the General Fund against all enterprise funds of the city.
This assessment will be calculated based upon a percentage (number of full-time equivalent employees of the
enterprise fund/total number of full-time equivalent employees of the city) of total General Fund
administration expenditures budget (includes City Council, City Manager, City Attorney, City Clerk, Finance,
Attachment "A"
City of Sebastian, Florida
Financial Policies
Growth Management, Building Maintenance, and Human Resources) and will be used to reimburse the
General Fund for the administrative and support services provided to these funds.
5. A 2.5 percent administrative service fee will be assessed by the General Fund against the Community
Redevelopment Agency (CRA) Fund of the city. This assessment will be based on the total tax increment
revenue estimate of the CRA Fund and will be used to reimburse the General Fund for the administrative
support services provided to the CRA fund.
6. Pursuant to Ordinance OS-16, stormwater utility fees can be utilized to fund the General Fund stormwater
operation. The amount being utilized should be approved by the city council through the budget process.
7. In no event will the City of Sebastian levy ad valorem taxes against real property and tangible personal
property in excess of 10 mills, except for voted levies (Section 200.081 of Florida Statutes places this millage
limitation on all Florida municipalities.)
8. The city will budget 95 percent of anticipated gross ad valorem proceeds to provide an allowance for
discounts for early payment of taxes (Section 200.065 of Florida Statutes states that each taxing authority
shall utilize not less than 95 percent of the taxable value.)
9. The city will coordinate development of the capital improvement budget with the development of the annual
operating budget. Each capital improvement budget is reviewed for its impact on the operating budget in
terms of revenue generation, additional personnel required and additional operating expenses.
10. A budget calendar will be designed each year to provide a framework within which the interactions necessary
to formulate a sound budget could occur. At the same time, it will ensure that the city will comply with all
applicable State legal mandates.
Basis of Budgeting
The basis of budgeting for governmental funds (General, Special Revenue, Debt Service Funds, and capital
project funds) shall be prepared on a modified accrual basis of accounting. TT"''°~ *'~° r,°~~~°a ^^,.,-.,^"~^^~^ ^{
aE~,
~rehen ~ ~° ^~,,.,°' ~~-~°„^~^' v°-'^~-". This means that unpaid financial obligations, such as outstanding
purchase orders, are immediately reflected as encumbrances when the cost is estimated, although the items may
not have been received yet. However, in most cases revenue is recognized only after it is measurable and actually
available.
The budgets for the proprietary funds -Golf Course, Airport and Building Department -are prepared using the
accrual basis of accounting. ,
. ., .Proprietary funds
also recognize expenses as encumbered when a commitment is made (e.g., through a purchase order). Revenues,
on the other hand, are recognized when they are obligated to the City.
Purchase orders for goods and services received prior to the end of the current fiscal year will be eligible for
payment immediately following the close of the fiscal year. Encumbrances for all other purchase orders,
excluding the capital projects funds purchase orders, will automatically lapse.
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Attachment "A"
City of Sebastian, Florida
Financial Policies
The Comprehensive Annual Financial Report (CAFR presents the status of the City's finances on the basis of
Generall~pted Accountin Pg rinciples (GAAP). Since FY 2001, the CAFR has been prepared in compliance
with Governmental Accounting Standards Board (GASB) Statement 34 requirements. The CAFR shows fund
expenditures and revenues on both a GAAP basis and budget basis for comparison purposes. In most cases, this
conforms to the way the Citesprepares its budget with the following exceptions:
1. Principal payments on lone-term debt within the enterprise funds are applied to the outstandin
liability on a GAAP basis as opposed to being expended when paid on a budget basis.
2. Capital outlay within the proprietary funds are recorded as assets on a GAAP basis and expended on a
budget basis.
3. Depreciation expense is not budgeted as an expense.
4. Inventory is expensed at the time it is used.
5. Compensated absences liabilities that are expected to be liquidated with expendable available
financial resources are accrued as earned by employees on a GAAP basis as opposed to being
expended when paid on a budget basis.
Guidelines
The Comprehensive Annual Financial Report (CAFR) presents the status of the City's finances on a basis
consistent with Generally Accepted Accounting Principles (GAAP) (i.e., a statement of net assets and statement
of activities are presented on an accrual basis of accounting, including governmental funds, major governmental
and proprietary funds are identified, governmental funds use the modified accrual basis of accounting, while the
proprietary and trust funds use the accrual basis of accounting.) In order to provide a meaningful comparison of
actual results to the final budget, the CAFR presents the City's operations on a GAAP basis and also shows fund
revenue and expenditures on a budget basis for the General, Special Revenue, and Debt Service funds.
Current revenues shall be sufficient to support current expenditures. The finance department will monitor each
budgeted fund and make timely budgetary recommendations and adjustments to make sure no budgetary
expenditures are in excess of appropriations at fiscal year end, which is not permitted under Florida State Statutes.
The budget process and format shall be performance-based and focused on goals, objectives, programs, and
performance indicators.
The budget will provide adequate funding for maintenance and replacement of capital plant and equipment.
Budget Amendment
1. Total fund appropriations changes must be approved by the City Council.
2. Uses of contingency appropriations must be specifically approved by the City Council.
3. Shifts in appropriations within fund totals may be done administratively on the authority of the City manager.
In most cases the City Manager will request City Council's approval since the item prompting the change will
usually go to the City Council (e.g., award of contract, addition of staff, contract change order). Procedures
for appropriation transfers and delegation of budget responsibility will be set by the City manager.
4. A Budgetary Control System will be maintained to ensure compliance with the budget. Monthly operating
statements are provided to all Department heads and Quarterly budget status reports will be provided to the
City Council comparing actual versus budgeted revenue and expense activity for all budgeted funds.
Attachment "A"
City of Sebastian, Florida
Financial Policies
Planning
The City will annually prepare and distribute to departments and the City Council aFive-Year Forecast. The
forecast will include estimated operating costs and revenues for future capital improvements, such as new parks
and public works facilities, included in the capital k~get improvement plan.
Fund Balance Policies
On an annual basis, after the year-end audit has been completed, but no later than April 1, the City Finance
Director shall produce a schedule of all fund surpluses and deficits, with projections of reserve requirements and a
plan for the use of any excess surplus for the current year in accordance with the Financial Balance Policies and
Use of Surplus Policies. This document will be used not only to ensure compliance with stated and adopted
policies, but also to analyze the total reserve and surplus picture to ensure that the policies as adopted do not
inadvertently create adverse effects. The Director of Finance shall provide recommended changes to the City
Council for any changes to the Fund Balance Policies and Use of Surplus Policies based on needs identified in
this analysis.
Working Capital
The General Fund unappropriated fund balance will be maintained in an amount greater than or equal to twenty-
five percent (25%) of the annual General Fund Expenditures budget. This amount approximates three months or
90 days of working capital.
The City shall include in the General Fund operating budget annually, an Operating Contingency Account equal
to 1.5% of the General Fund total expenditures, less debt service, interfund transfers and capital expenditures.
This contingency will be used for unforeseen and emergency events that occur during the course of the operating
year and will expire at the end of each fiscal year and balances will not be brought forward.
In order to provide the resources necessary to ensure continued operations of the City's programs should a natural
disaster or significant changes in the weather pattern occur, the City shall maintain a reserve of $350,000 for
emergency services.
The City shall maintain a reserve of $100,000 for Property and Casualty claims representing claim deductibles.
All retirement programs, Police Pension, CWA/ITU and 401a programs will be funded at 100% of the obligations
calculated annually. The defined benefit pension plan will be funded in accordance with an independent actuarial
analysis performed at a minimum of every two years, or as needed.
Capital Reserves
The City shall include in the General Fund operating budget annually a Capital Contingency Account equal to
0.5% of the General Fund total expenditures, less debt service, interfund transfers and capital expenditures. This
contingency will be used for unanticipated expenditures for the maintenance of buildings and replacement of
related equipment and will expire at the end of each fiscal year and balances will not be brought forward.
Annually the City shall transfer fifty percent (50%) of the current year's operating surplus (revenues in excess of
expenditures) into a capital equipment replacement reserve for the purpose of creating a perpetual funding method
for replacing City capital equipment. Prior to any funds being spent, the budget amendment procedure must be
followed.
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4
Attachment "A"
City of Sebastian, Florida
Financial Policies
The table listed blow is a summary of all reserve and contingency requirements for the General Fund.
Reserve Descri tion Re uirement
Working Ca ital Reserve 25% of annual General Fund Expenditures budget
Emer enc Reserve $350,000
Property and Casualty claims Reserve $100,000
Capital Equipment Replacement Reserve 50% of the current year's operating surplus (revenues in excess of
ex enditures)
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General Fund Operating Contingency (for
bud et purpose only) 1.5% of the General Fund total expenditures budget, less debt
service, interfund transfers and ca ital expenditures
Capital Contingency (for budget purpose only) 0.5% of the General Fund total expenditures budget, less debt
service, interfund transfers and ca ital ex enditures
All retirement programs 100% Funded per independent actuarial analysis performed at a
minimum of every two years, or as needed
Use of Surplus Policies
Use of Surpluses
It is the intent of the City to use all surpluses generated to accomplish three goals: meeting reserve policies,
avoidance of future debt, and reduction of outstanding debt. The City will not use existing fund balances or year-
end surpluses to fund ongoing operating expenses.
Any surpluses realized in the General Fund at year-end shall be used first to meet reserve policies as set forth in
the Fund Balance Policies. Excess surplus will then be used for the following purposes, listed in order of priority:
~ Capital Replacement Programs. After General Fund reserves have been met, up to 50% of excess reserves
may be set aside to provide the cash necessary to implement capital replacement-programs (e.g., vehicle and
equipment replacement and facility maintenance programs). Any excess surplus remaining should be carried
forward to the next fiscal year.
- Cash Payments for Capital Improvement Program Projects. Using cash to purchase capital items that are
budgeted to be purchased with the proceeds from any debt will reduce the future debt burden of the City.
This strategy may be combined with retirement to reduce future debt service after performing a financial
analysis to determine the greatest net present value savings.
- Cemetery Permanent Trust Fund. After all other needs have been satisfied, excess surpluses may be
transferred to the Cemetery Permanent Trust Fund that has been established to care for the Cemetery. The
amounts transferred shall be deemed corpus to the Cemetery Trust fund for future earnings growth to fund
Cemetery care and maintenance.
- Riverfront Redevelopment Agency. After all other needs have been satisfied; excess surpluses may be
transferred to the Riverfront Redevelopment Agency that has been established to provide infrastructure and
public facility needs.
Special Revenue Fund Surpluses
Local Option Gas Tax Revenue Fund - A reserve will be maintained in an amount greater than or equal to
fifteen percent (15%) of the annual Local Option Gas Tax Fund Expenditures budget. Excess surpluses shall first
be used for the purpose of reducing debt for the Road Paving Note Payable.
Discretionary Sales Surtax Revenue Fund - A reserve will be maintained in an amount greater than or equal to
ten percent (10%) of the total annual Discretionary Sales Tax Fund Expenditures budget for the purpose of
providing sufficient funds for unanticipated major repairs or replacements for eligible capital improvements or
equipment.
Attachment "A"
City of Sebastian, Florida
Financial Policies
Discretionary Sales Tax revenues will be used in accordance with the following:
1. fund annual debt service payments for which this revenue source is pledged, then;
2. fund emergency vehicles, then;
3. fund pay-as-you go eligible capital improvements, then;
4. fund equipment for the maintenance of Discretionary Sales Tax funded improvements.
Stormwater Utility Revenue Fund - A reserve will be maintained in an amount greater than or equal to fifteen
percent (15%) of the total annual Stormwater Utility Revenue Fund Expenditures budget for the purpose of
providing sufficient funds for unanticipated major capital improvement program. (Pursuant to City of Sebastian
Ordinance No. 0-04-15, capital improvement program of the Comprehensive Growth Management Plan on
furtherance of the Stormwater Master Plan adopted by the City Council.)
Performance Measurement Policies
Establishing Performance Requirements
Annually, each department shall develop departmental performance measures that correspond with the department
programs and file them with the City Manager's Office. Goals should be related to core services of the
department and should reflect stakeholder needs. The measures should be of a mix of different types, including
effectiveness, efficiency, demand and workload. Measures should have sufficiently aggressive "stretch" goals to
ensure continuous improvement.
- Workload -Measures the quantity of activity for a department (e.g., number of calls responded to).
- Demand -Measures the amount of service opportunities (e.g.. total number of calls).
- Efficiency -Measures the relationship between output and service cost (e.g., average cost of the response to a
service call).
- Effectiveness -Measures the impact of an activity (e.g., percent of people who feel safe).
Department Directors shall establish performance measures for each program within their department to monitor
and project program performance. These objectives must be linked to the departmental measures they support.
Supervisors shall insure that fair, objective and aggressive performance measures for each employee that directly
supports program objectives and departmental measures are part of their annual review.
Reporting Performance
Quarterly summaries of progress on goals and objectives and departmental performance measures will be
provided to the City Manager for publishing in the Council's Quarterly Budget to Actual Report.
Decision Making and Analysis
The City's Strategic Planning and budgeting decisions are based on a number of processes currently in place. The
specific tools used are:
• Citizen Advisory Boards - (e.g., Budget Review Committee) are teams made up of Residents and City staff to
address specific concerns and provide direction and feedback. Several such advisory boards currently exist;
• Master Planning -Specific functions and processes are included in written plans, such as the Comprehensive
Plan, Stormwater Master Plan, and the Airport Master Plan;
6
Attachment "A"
City of Sebastian, Florida
Financial Policies
• Fiscal Impact Model -Allocation methodology that quantifies average and marginal revenues and the costs of
new development by land use type;
• Revenue Forecasting Model -Statistical time series analysis and tracking model of major revenue sources;
• Performance Measurement System -Quarterly performance evaluations and reports;
• Capital Budgeting Tools -Present Value Payback, Net Present Value Analysis, Own/Lease Analysis, and
Return on Investment (ROI) Analysis;
• Five-Year Financial Plan -Multi-year forecasting of revenues and expenditures;
• Ten-Year Fleet Replacement Program -Equipment replacement covering the useful life of all vehicle classes;
• Ten-Year Equipment and Maintenance Program -maintenance and replacement schedule covering the useful
life of all equipment, other than vehicles;
• Financial Trend Monitoring System -Systematic analysis of major financial indicators;
Capital Improvement Program Policies
Definition
Capital improvements include streets, buildings, building improvements, new parks, park
expansions/improvements, airport runways, infrastructure improvements, and major, one-time acquisitions of
equipment. Projects in the Capital Improvement Program generally cost more than $50,000 and last at least five
years.
Alignment
The City shall coordinate the development of the Capital Improvement Program ~ plan with the
development of the Strategic Plan and Operating Budget, as well as ensuring compliance with the Comprehensive
Plan Capital Improvement Element. Future operating expenditures and revenues associated with new capital
improvements will be projected and included in the Capital Improvement Program Five-Year Forecasts.
Project Selection
All capital projects submitted for approval must be justified in terms of how the project supports the achievement
of the City's Strategic Priorities. Projects are prioritized and approved based on the relevancy of the project to the
City's Strategic Plan and the impact on the end stakeholder(s).
Capital Improvement uPlan
The City shall adopt an annual Capital Budget based on the Capital Improvement Breg~am Plan. Future capital
improvement expenditures necessitated by changes in population, real estate development, or in economic base
will be calculated and included in the capital improvement'~~ plan projections.
The originating department of the capital improvement project will identify the estimated costs and funding
sources for each capital project proposal before it is submitted to the City Council for approval.
The City shall make all capital improvements in accordance with an adopted Capital Improvement ~regram
'" Plan.
The City will determine and use the most prudent financial methods for acquisition of capital improvement
projects based upon market conditions at the time of acquisition.
7
Attachment "A"
City of Sebastian, Florida
Financial Policies
Capital Equipment Outlay
Definition
Capital equipment outlay is defined as capital assets purchased and/or constructed with a cost equal to or greater
than $750 (with the exception of computer software cost which is equal to or greater than $5,000) with a useful
life of one or more years
The City will determine and use the most prudent financial methods for acquisition of new or replacement capital
equipment, based upon market conditions at the time of acquisition.
Capital Replacement Programs -The City shall establish equipment replacement and maintenance needs for at
least afive-year period and will update this projection each year. From this projection, a maintenance and
replacement schedule shall be developed and implemented. Funding should be obtained through year-end
surpluses as identified in the Use of Surplus Policies. Maintenance programs shall be paid for on apay-as-you-go
basis.
Maintenance
The City shall maintain all capital assets at a level adequate to protect the City's capital investment to minimize
future maintenance and replacement costs.
Physical Inventory
An annual physical inventory (see Fixed Asset Policies) will be conducted to ensure that all capital assets listed in
the City's financial system are accounted for, and that sufficient internal control over capital items is exercised.
See Fixed Asset Policies for further information on capital purchases.
Debt Management Policies
Market Review
The City, in conjunction with its financial Consultant, shall review its outstanding debt annually for the purpose
of determining if the financial marketplace will afford the City the opportunity to refund an issue and incur less
debt service costs. In order to consider the possible refunding of an issue, a Present Value savings of three
percent (3%) over the life of the respective issue, at a minimum, must be attainable.
Capital Improvements, equipment and facility projects shall be classified into "pay-as-you-go" and "debt
financing" classifications. Pay-as-you-go capital items will be $150,000 or less with lives of ten years or less.
Debt financing will only be used for major, non-recurring items with a minimum often (10) years useful life.
Debt Financing for Capital Assets
1. Short-term Borrowing
Short-term borrowing or lease/purchase contracts should be considered for financing major operating capital
equipment when the Finance Director, along with the City's financial advisor, determines that this is the City's
best financial interest. Lease/purchase decisions should have the concurrence of the appropriate
department/division head.
2. Issuance of Debt
When the City finances capital projects by issuing bonds, it shall amortize the debt over a term not to exceed the
average useful life of the project(s) financed.
8
Attachment "A"
City of Sebastian, Florida
Financial Policies
If General Obligation Bonds are issued, the City's goal will be to limit the maturity to fifteen (15) years.
The City shall confine long-term borrowing to capital improvements and projects that have useful lives in excess
of twenty (20) years.
When possible, the City shall use a special assessment or self-supporting financing instead of general obligation
bonds, so those benefiting from the improvements will bear all or part of the cost of the project financed.
Debt Service Levels
Annual General Fund debt service expense, if any, will be limited to eight percent (8°/0) of the General Fund
expenditures budget.
The City will limit its total outstanding General Obligation debt, if any, to five percent (5%) of the assessed
valuation of taxable property.
The City will limit the amount of Variable Rate debt to fifteen percent (15%) of the total debt outstanding.
Bond Ratings
The City, along with its Financial Advisor, shall periodically review possible actions to maintain or improve its
bond ratings by various rating agencies.
The City shall maintain good communications with bond rating agencies and its bond insurers about its financial
condition.
The City shall follow a policy of "full disclosure" in its Comprehensive Annual Financial Report and bond
prospectuses.
Revenue Policies
Revenue Projections
The Ciry shall estimate its annual revenues by objective and analytical processes.
The City shall maintain a diversified and stable revenue system to the extent provided by law to insulate it from
short-term fluctuations in any one-revenue source.
User Fees
The City shall recalculate on a bi-annual basis the full cost of selected activities currently supported by user fees
and charges to identify the impact of inflation and other cost increases.
The City shall set fees and user charges for the Golf Course fund at a level that fully supports the total direct and
indirect costs of operation, including depreciation.
Reporting and Analysis
To ensure compliance with Revcie~~~n~ne-ies, °-g~~=comes the adopted financial
olp ides, the City Finance Department shall prepare ~erts-awl analyses in conjunction with the annual budget
rp ocess tally to assist department/division with budget projections. °ra °°*~m^*° r°T~°^~~°
°~a °vr°~a~*~~r°~ *° ~-~~*: The analyses include the following-
- Five-Year Forecast of Revenues and Expenditures - A planning tool prepared and used by the Finance
Department to forecast and project various funds (General, Local Option Gas Tax, Discretionary Sales Tax,
Golf Course, Building, and Airport);
9
Attachment "A"
City of Sebastian, Florida
Financial Policies
~ ,
<< „
~~Livllg ~ e ~
- Financial Trend Monitoring System - A set of financial trends and ratios used as leading indicators and as a
measurement of relative performance. The ;ri :unce Depurtm°~* °''°" r ^a~•°° *'~~~ r ^~-* ° °~~~~
- Revenue Manual - A guide to the major revenue sources that indicates the source, calculation, legal
requirements, and accounting guidelines. Updated annually and included in the annual budget document; as
n~s~s~~try; by the Finance Department.
- Reserve Analysis -The City Finance Director will annually review the reserve levels and produce a report
that indicates up-to-date reserve levels as compared to policy goals.
Investment Policies
Investment Management
The City Finance Department shall perform a cash flow analysis of all funds on a regular basis. Disbursement,
collection, and deposit of all funds will be scheduled to insure optimum cash availability. (See Investment
Policy.) When permitted by law, the City shall pool cash from each respective fund for investment purposes.
r^~~°°*m°r*° °''°" ''° ,,,°r°rt°a ~,.. The City's Finance Director shall manage all City's investments with
111 V VJL111V11 LJ L1111L - -
the assistance from athird-party administrator to achieve optimal return on the City's investments.
Investment Analysis
The City shall review its investment policies established for investing surplus funds to account for changes in
legislation and market conditions on an annual basis.
The City shall prepare quarterly investment portfolio reports containing the overall performance of the fund.
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