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the provision of a cushion for possible unforeseen needs. <br />3. To diversify the investment portfolio by individual <br />financial institution, government agency or by corporation in the <br />case of commercial paper to reduce the exposure to risk of loss. <br />4. As custodians of the public trust all participants in <br />the investment process shall seek to act responsibly and avoid <br />any transaction that might impair the credibility of the City. <br />IV. Reporting <br />The investment reporting function shall include <br />requirements for; budgetary reporting, interim/internal <br />reporting, and annual reporting. <br />A. Budgetary Reporting. As part of the annual budget, <br />interest income shall be estimated for all budgeted funds based <br />on a cash flow forecast. <br />B. Interim/Internal Reporting. The Finance Department <br />shall maintain the investment portfolio on the LOGIS Financial <br />Investment Management System on a monthly basis and provide to <br />management or the Council at any time. Management shall be <br />provided investment portfolios monthly. <br />C. Annual Reporting. The Treasurer shall prepare a <br />written fiscal year report on the investment program and <br />investment activity. This report shall include a summary of the <br />investment activity and rate of return for the fiscal year then <br />ended and a comparison to the budgeted amounts. <br />V.Instruments <br />Cities in Minnesota are all restricted to the same <br />permissible investments under Minnesota Statutes 475.66. These <br />instruments are summarized with pertinent information as follows: <br />A. DIRECT U.S. GOVERNMENT OBLIGATIONS (treasury bills, <br />notes, bonds and certificates of indebtedness). <br />B. FEDERAL AGENCY ISSUES (not directly guaranteed by the <br />U.S. government such as Federal Home Loan Banks, Federal National <br />Mortgage Association, Federal Land Banks, etc) <br />C. REPURCHASE AGREEMENTS (Repo’s) - Repo transactions are