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���� �� <br /> Market risk - defined as market value fluctuations due to overall changes in the <br /> general level of inter�est rates will be mifigated by structuring fhe investment <br /> portfolio so fhat securities matur�e to meef the cash requirements for ongoing <br /> operations, thereby avoiding the need to sell securities prior to maturity. <br /> Liquidity: The Treasurer shall keep the portfolio sufficiently liquid to meet the <br /> operating and capita/ needs of the City which can be reasonab/y anticipate from <br /> his/her experience of the City operations and adopfed budget. He/she shall also <br /> � review the various construction and other contracts the Cify has enter�ed info to <br /> anticipate cash needs. <br /> Return on Investment: �thin the safety and liquidity constraints, investment <br /> po►tfolio shall be designed to attain fhe market rate of retum. <br /> IV. AUTHORITY AND DELEGATION <br /> The authority fo invest City funds is assigned to the City Treasurer (Director of <br /> Finance) pursuant to section 34 of the Charter of Redwood City and section 2.33.1 <br /> of the Redwood City code of ordinances. <br /> The Treasurer will be assisted in the management of City funds by a Deputy Treasurer <br /> (designated by the Treasurer). The Deputy Treasurer will be a Finance Department <br /> employee whose primary treasury responsibilities will be supporting the day-to-day <br /> treasury management activities of the City. <br /> V. CASH FLOW AND AVAILABILITY <br /> An average amount of six months cash flow is to be maintained in immediately available <br /> investments, such as the State Treasurers Local Agency Investment Fund or a similar <br /> liquid instrument. This may include commercial paper. Weekly analysis of cash flow will <br /> serve as a basis for determining the maturity date of investments. <br /> The Treasurer and Deputy Treasurer shall certify each month that enough liquid <br /> resources (including maturities) are available to meet the next six months cash flow <br /> requirements. <br /> VI. ACCEPTABLE INVESTMENT INSTRUMENTS <br /> Unless expressly approved by the City Council all investments must be made in <br /> accordance with this policy and State of Califomia Govemment Code Sections 53600 <br /> et.seq. The Council may, as part of a bond issuance, direct or authorize staff to invest <br /> bond reserve funds in investmenf instruments aufhorized by the Califomia Govemment <br /> Code that are not contained within this policy. <br /> The City investment portfolio may include the following instruments: <br /> • Certificates of Deposit purchased from banks . <br /> • Bankers Acceptances <br /> Investment Policy <br /> Page 2 <br /> _ __. .. __ .� __ _.,._ r_ <br />