Res 2006-193 - Laserfiche WebLink

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I I I L__mow.'w_.... XIII. INTERNAL CONTROLS The Investment Officer shall establish a system ofvmtten internal controls that will be reviewed annually with the independent auditor of the City along with quarterly investment reports.. The controls will be designed to prevent loss of publie funds due to fraud, employee error, misrepresentation by third pm1les, unanticipated market changes, or imprudent actIOns by employees, contracted investment managers or financial counterparties of the City, XIV. PERFORMANCE STANDARDS The investment portfolio shall be designed with the objective of obtaining a rate ofretum throughout budgetary and economic cycles, commensurate with the investment risk constraints and cash flow needs of the City. A benchrn ark for perfOmlaflCe of the portfolio wiH be included in the quarterly reports based on the portfolio's maximum weighted average maturity of 180 days, The period average yield of the six-month U.S. Treasury Bill will be used as the City's benchmark, XV. REPORTING The Investment Officer(s) shall provide the City Council quarterly investment reports as required by the Texas Public Funds Investment Act and a monthly report to the Investment CommIttee. The reports will reflect both detail and summary information enabling the reader to determine the value and risk associated with the portfolio. Market values for the report will be derived from an independent source. A management report will be included with the quarterly investment report. The management report should include comments on the fixed income markets and economic conditions, discussions regarding restrictIOns on percentage of investment by categories, possible changes in the portfolio structure going fom'ard and thoughts on investment strategies, XVI. CASH MANAGKMENT PROGRAMS AND ACTIVITIES The Department of Finance is committed to the overall success of the City's cash management programs. These programs address a variety of-c.:1.sh management issues, including: 1. Thc design and Implementation of reliable and effective cash flO\v forecasting methodologies to assist Finance Department personnel in the determination of the amounts of cash available for investment, the hme period for which the funds may be mvcstedwith a reasonable level of confidence, and a measure of the volatility of specific cash forecasts, which \\"111 allow viable detemlination of the required liqUIdity. 2, The design and implementation of appropriate "revenue-acceleration programs", aimed at enhancing the speed at which monies are collected and deposited by the City and lhe elimination of bad debt expense/write-off.,;, City of San Marcos lnvestment Policy Page 7