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Certificates of Deposit 25% <br />Repurchase Agreements 100% <br />Flex repurchase agreements for bond proceeds 100% <br />Constant dollar investment pools 100% <br />Commercial Paper 25% <br />Limit per commercial paper issuer 10% <br />Money Market Mutual Fund 50% <br />XIV. INTERNAL CONTROLS <br />The Investment Officer shall establish a system of written internal controls that will be reviewed <br />annually with the independent auditor of the City along with quarterly investment reports. The <br />controls will be designed to prevent loss of public funds due to fraud, employee error, <br />misrepresentation by third parties, unanticipated market changes, or imprudent actions by employees, <br />contracted investment managers or financial counterparties of the City. <br />XV. PERFORMANCE STANDARDS <br />The investment portfolio shall be designed with the objective of obtaining a rate of return throughout <br />budgetary and economic cycles, commensurate with the investment risk constraints and cash flow <br />needs of the City. A benchmark for performance of the portfolio will be included in the quarterly <br />reports based on the portfolio's maximum weighted average maturity of 270 days. The period <br />average yield of the six-month U.S. Treasury Bill will be used as the City's benchmark. <br />XVI. REPORTING <br />The Investment Officer(s) shall provide the City Council quarterly investment reports as required by <br />the Texas Public Funds Investment Act and a monthly report to the Investment Committee. The <br />reports will reflect both detail and summary information enabling the reader to determine the value <br />and risk associated with the portfolio. Market values for the report will be derived from an <br />independent source. <br />A management report will be included with the quarterly investment report. The management report <br />should include comments on the fixed income markets and economic conditions, discussions <br />regarding restrictions on percentage of investment by categories, possible changes in the portfolio <br />structure going forward and thoughts on investment strategies. <br />XVII. CASH MANAGEMENT PROGRAMS AND ACTIVITIES <br />The Department of Finance is committed to the overall success of the City's cash management <br />programs. These programs address a variety of cash management issues, including: <br />1. The design and implementation of reliable and effective cash flow forecasting <br />City of San Marcos Investment Policy Page 7 <br />