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<br />XIII. INTERNAL CONTROLS <br /> <br />The Investment Officer shall establìsh a.system of written ìntemal controls that wìll be revìewed <br />annually wìth the independeIit audìtor of the Cìty along wìth quarterly ìnvestment reports. The <br />controls wìll bedesìgned to prevent loss ofpublìc funds due to fraud, employee error, <br />misrepresentatìon by thìrd partìes,unantìcìpated market changes, or ìmprudentactìons by employees, <br />contracted ìnvestment managers or financìal counterpartìes of the Cìty. <br /> <br />XIV. PERFORMANCE STANDARDS <br /> <br />The ìnvestment portfolìo shall bedesìgned wìth the objectìve ofobtaìnìng arate of return throughout <br />budgetaryandeconomìc cycles, commensurate wìth the ìnvestment rìsk constraìnts and cash flow <br />needs of the Cìty. A benchmark for performance of the portfolìo wìll be ìncluded ìn the quarterly <br />reports based on the portfolìo's maxìmum weìghted average maturìty of.180 days. The period <br />average yìeldiofthe sìx-month U.S. Treasury Bìll wìll be used as the Cìty's benchmark. <br /> <br />XV. REpORTING <br /> <br />The Investment Officer( s) shall provìde the Cìty Councìl quarterly investment reports as requìred by <br />the Texas Publìc Funds Investment Act and a monthly report to the Investment Commìttee.. The <br />reports wìll reflect both detaÌl and summary ìnformatìon enablìng the reader to detèrmìne the value <br />and risk assocìated wìth the portfolìo. Market values for the report wìll be derived from an <br />ìndependent source. <br /> <br />A management report wìll be ìncluded wìth the quarterly investment report. The management report <br />should ìnclude comments on the fixed ìncome markets and economìc condìtìons, dìscussìons <br />regatdìng restrictìons on percentage of ìnvestment by categories, possìble changes ìn the portfolìo <br />structure goìng forward and thoughts on ìnvestment strategìes. <br /> <br />XVI. CASH MANAGEMENT PROGRAMS AND ACTIVITIES <br /> <br />The Department of Fìnance ìs commìtted to the overall success of the Cìty's cash management <br />programs. These programs address. a variety of cash management ìssues, ìncludìng: <br /> <br />I. The desìgn and ìmplementatìon of relìable and effectìve cash flow forecastìng <br />methodologìes to assìst Fìnance Department personnel ìn the determìnatìon of the <br />amounts of cash avaìlable for ìnvestment; the tìme perìod for whìch the funds may be <br />investedwìth a reasonable level of confidence, and a measure of the volatìlìty ofspecìfic <br />cash forecasts, whìch wìll allow vìable determìnatìon ofthe requìred lìquìdìty. <br />2. The desìgn and ìmplementatìon of appropriate "revenue-acceleratìon programs", aimed at <br />enhancìng the speed at whìch monìes are collected and deposìted by the Cìtyand the <br />elìmìnatìon of bad debt expense/wrìte-offs. <br /> <br />Cìty of San Marcos Investment Polìcy <br /> <br />Page 7 <br />