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<br /> Ilf& <br /> - <br /> STATEMENT OF CASH MANAGEMENT AND INVESTMENT POLICIES <br /> CITY OF SAN MARCOS <br /> DEPARTMENT OF FINANCE <br /> I. INTRODUCTION <br /> The City Manager is authorized and required to make rules and regulations and to <br /> establish administrative policies and procedures relating to the cash management <br /> and investment policies of the City. <br /> It is anticipated that this policy statement will be reviewed and evaluated by <br /> council on an annual basis, to ensure that the policies and procedures expressed <br /> herein are responsive to the prevailing cash management and investment <br /> environment. Since this environment is subject to constant change, care must be <br /> taken to ensure'that such responsiveness is maintained. This policy statement <br /> must, therefore, be appropriately amended, expanded, or purged on a continuing <br /> basis. <br /> If any changes are contemplated which substantially alter the intent and purpose <br /> of these policies, other that to effect further administrative or procedural <br /> efficiencies, the Director of Finance will discuss such changes with the City <br /> Manager, as well as other legislative or administrative officers of the City who <br /> have a direct and reasonable interest in such changes. . <br /> II. GENERAL POLICIES <br /> A. In general, the cash management activities of the City of San Marcos <br /> shall be conducted in a manner which is consistent with prevailing <br /> prudent business practices which may be applied by other organizations <br /> of similar size and financial resources, in compliance with appropriate <br /> State statutes. <br /> B. Investments of the City, or of funds held in its possession in a <br /> fiduciary capacity, shall be made with the exercise of that judgment and <br /> care, under circumstances then prevailing, which men of prudence, <br /> discretion, and intelligence exercise in the management of their own <br /> affairs, not for speculation, but for as well as the probable income to <br /> be derived. <br /> C. Any rules and policies promulgated by the City Manager shall be designed <br /> in the best interest of the City and its citizens, and shall not afford <br /> special financial advantage to any individual or corporate member of the <br /> financial or investment community. <br /> D. Expenses incurred for banking or financial services shall be treated in <br /> the same competitive manner as other expenditures of City funds. <br /> E. Financial institutions which serve as depositories or perform banking <br /> services for City funds shall meet the City's established criteria for <br /> overall financial strength, adequate capitalization, and appropriate <br /> liquidity. <br /> 1 <br />