HomeMy WebLinkAbout1998-11-04 PACKET 08.A.��auEST o� ci cau�ci� AcTio� couNCi� AGEM1IDA
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CDATE 11/4l98 ,
PREPARED BY Finance Liz Johnsan
ORIGINATING DEPARTMENT STAFF AUTHOR
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COUNCIL AGTION REQUEST
Approve revised investment palicy.
BUDGET IMPLICATION: $
BUDGETED AMOUNT
ADVISORY COMMISSION ACTION
❑ PLANNING
❑ PUBLIC SAFETY
❑ PUBLIC WORKS
❑ PARKS AND RECREATION
❑ HUMAfV SERVICESlRIGHTS
❑ ECONOMIC DEV. AUTHORITY
❑
SUPPORTING DOGUMENTS
�.
� MEMO/�ETTER: 10/27/98
❑ RESOLUTION:
❑ ORDINANCE:
❑ ENGWEERING RECOMMENDATlON`
❑ LEGAL RECOMMERlDATION:
� OTt-lER: lnvestment Policy
�� �• •' •
$
ACTUAL AMOUNT FUNDING SOURCE
REVIEWED
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APPROVED
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DENIED
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�. _ .
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Date
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To: Honorable Mayor and City Council
Ryan Schroeder, City Administrator
From: Elizabeth Johnson, Finance Director e ?�v
,
Date: 10/27/98
Re: updated investment policy
Introduction
The City Council should consider approving the revised investment policy.
Back round
The City's current investment policy is dated November 23, 1981. It is extremely
oui of date and needs updating.
Discussion
I haue updated the investment policy as attached. Some of the changes I would like
to highlight are the expanded discussion of objectives, ethics, allowable investments
andinsurance coverage.
The Objectives section has been expanded to include a discussion of credit risk and
interest rate risk. The Ethics section is new and prohibits an investment officer from
conducting personal business with any of the brokers the City deals with. Authority
and responsibility for the investment process has been specifically delegated to the
Finance Director. Allowabie investments mirrors appiicabie state statute.
I have added language stipulating the amount of insurance coverage per account, per
broker.
Octo6er 27. 1998
The following insurance levels cover the City's investments:
Securities Investor Protection Corporation (SIPC) is the standard insurance used by
brokers.
The City maintains one money market fund at Norwest, which is collateralized by
the underlying investments. City funds are invested in U. S. Government Agencies,
commercial paper, Treasuries and Certificates of Deposit.
Requested Action
Adopt the revised investment policy.
CITY OF COTfAGE GROVE
INVESTMENT PO�ICY
I. Scope
This policy applies to the investment of long term and short term operating funds
of the City of Cottage Grove. Individual investments are purchased using the
pooled approach for efficiency and maximum investment opportunity. The City
wiil consolidate cash balances from ali funds to maximize investment earnings.
Each individual fund's cash balance will continue to be reported separately in the
general ledger system. Investment income wiil be allocated to the various funds
based on their respective participation and in accordance with generally
accepted accounting principles.
The City `s funds are defined in the comprehensive annual financial report and
include any funds that are deemed necessary for the efficient operation of the
City's fund structure.
II. Objective
The primary objectives, in priority order, of investment activities shall be safety,
liquidity, and yield.
A. Safety
Safety of principal is the foremost objective of the investment program.
investments shali be undertaken in a manner that seeks to ensure the
preservation of capital in the overall portfolio. The objective will be to
mitigate credit risk and interest rate risk.
1. Credit risk. The City will minimize credit risk. Credit risk is the risk
of loss due to the failure of the security issuer or backer by:
a. Limiting investments to those types of securities ailowable
by Minnesota Statute and set forth befow as Authorized
Investments
b. Diversifying the investment portfolio so that potential
losses on individual securities wili be minimized.
2. Interest rate risk. The City will minimize the risk that the market
value of securities in the portfolio will fall due to changes in general
interest rates by:
a. Structuring the investment portfolio so that securities wili
mature to meet cash requirements for ongoing operations,
thereby avoiding the need to seii securities prior to maturity,
CITY OF COTTAGE GROVE
INVESTMENT PO�ICY
b. Investing operating funds in those securities allowable by
Minnesota Statute 118A.
. .
The investment portfolio shall remain sufficiently liquid to meet ail
operating requirements that may be reasonably anticipated. This is
accomplished by structuring the portfolio so that securities mature
concurrent with cash needs to meet anticipated demands. Furthermore,
since all possible cash demands cannot be anticipated, the portfiolio
shouid consist of some securities with the greatest liquidity. A portion of
the portfolio may be placed in money market funds that offer same day
liquidity for short-term funds and are invested in those securities ailowable
by Minnesota Statute.
C. Yield
The investment portfolio shall be designated with the objective of attaining
a market rate of return throughout budgetary and economic cycles, taking
into accou�t tne investment risk constraints and liquidity needs. The core
of investments are limited to relatively low risk securities in anticipation of
earning a fair return relative to the risk being assumed. Securities shall not
be sold prior to maturity with the foliowing exceptions:
1. A security with declining credit may be sold eariy to minimize
loss of principai.
2. A security swap would improve the quality, yieid or target
duration in the portfolio
3. l.iquidity needs of the portfolio require that a security be sold.
III. Standards of care
The standard of care to be used by the investment official shall be the "prudent
person" standard and shaii be applied in the context of managing an overall
portfolio. investment officers, acting in accordance with written procedures and
this investment policy and exercising due diligence shall be relieved of personai
responsibility for an individual security's credit risk or market price changes,
provided deviations from expectations are reported in a timely fashion and the
liquidity and the sale of securities are carried out in accordance with the terms of
this policy.
Investments shall be made with judgment and care, under economic
circumstances then prevailing with discretion and intelligence.
IV. Ethics and conflicts of interest
CITY OF COTTAGE GROVE
INVESTMENT POLICY
Officers and employees invoived in the investment process shall refrain from
personai business activity that could confiict with the proper execution and
management of the investment program, or that couid impair their ability to make
impartial decisions. Employees and investment officials shall disclose any
material interests in financial institutions with which they conduct business. They
shali further disclose any personai financiallinvestment positions that couid be
related to the performance of the investment portfolio. Employees and officers
snaii refrain from undertaking personal investment transactions with the same
individual with whom business is conducted on behalf of the City.
V. Delegation of authority
Authority to manage the investment program is granted to the Finance Director
who shall be designated as the investment officer. Responsibility for the
operation of the investment program is hereby delegated to the investment
officer, who shall act in accordance with established written procedures and
internai controls for the operation of the investment program consistent with this
investment policy. The Finance Director shail develop and maintain written
administrative procedures for the operation of the investment program. The
written procedures shall include a bidding process, monitoring diversification and
risk as well as system of controis to regulate the activities of subordinate officiais.
The Finance Director is authorized, as allowed under Minnesota Statute, to
designate depositories and broker-dealers for City funds.
VI. Authorized Financial Dealers and Institutions
The Finance Director will maintain a list of financial institutions to provide
investment services to the City. Ail broker-dealers who desire to become
qualified bidders for investment transactions must supply the Finance Director
with audited financial statements, proof of National Association of Securities
Dealers certification, proof of Minnesota registration and completion of broker
notification and certification form as required by Minnesota Statute 118A prior to
any investment transactions with the City.
VII Authorized investments
The City is authorized under Minnesota Statute 118A to invest in the following
securities:
A. United States securities. Public funds may be invested in governmental
bonds, notes, biils, (excluding mortgage backed securities) and other
securities, which are direct obiigations or are guaranteed or insured
issues of the United States, its agencies, its instrumentalities, or
organizations created by an act of Congress.
CITY OF COTfAGE GROVE
INVESTMENT PO�ICY
B. State and locai securities. Funds may be invested in the following:
1. Any security which is a general obligation of any state or local
government with taxing powers which is rated "A° or better by a
national bond rating service
2. Any security, which is a revenue obligation of any state or local
government with taxing, powers which is rated "AA" or better by
a nationai bond rating service.
3. General obligations of the Minnesota housing finance agency,
which is a moral obligation of the state of Minnesota and is rated
"A" or better by a national bond-rating agency.
C. Commercial paper. Funds may be invested in commercial paper issued
by United States corporations or their Canadian subsidiaries that is rated
in the highest quaiity category by at least two na4ionaily recognized rating
agencies and mature in 270 days or less.
D. Time deposits. Fund may be invested in time deposits tnat are fully
insured by the Federal Deposit Insurance Corporation or bankers
acceptances of United States banks.
E. Money market funds. Funds may be invested highly liquid money
market funds that comply with the requirements of Section VII (A) tnrough
(D) above.
Any change to the statute will be deemed to be incorporated into this policy.
VIII Insurance Coverage
Fuil insurance coverage wiii be required on investment accounts at a minimum of
$10,000,000 total per account. The insurance coverage may be a combination of
FDIC and SIPC insurance. The level of insurance coverage will be adjusted
upward to cover the full value of the account, if the account exceeds
$10,000,000.
IX. Safekeeping
Securities purchased shal� be retained at the institution where the securities are
purchased.
X. Investment parameters
The City's investments shaii be diversified as to specific maturity, issuer and
institution in order to minimize overail risk to the portfolio. Investments shall be
purchased to match expected cash flow needs, minimizing the market risk
associated with selling an investment before its maturity date.
CITY OF COTTAGE GROVE
INVESTMENT POLICY
To the extent possibie, the City shail attempt to match its investments with
anticipated cash flow requirements. Unless matched to a specific cash flow, the
City wili not directly invest in securities with a stated maturity of more than six
years.
Reserve fu�ds and other longer-term investments may be invested in securities
exceeding six years if the maturity of such an investment is made to coincide as
nearly as practicable with the expected use of such funds. The intent to invest in
securities with a maturity greater than six years shall be disclosed in writing to
the City Councii. In no case shail an investment be made with a stated maturity
greater than ten years.
Because of the inherent difficulties associated with accurately forecasting cash
flow requirements, a portion of the portfolio should be continuously invested in
readily available funds, such as money market funds.
Xi. Reporting and review
The City's investment policy shali be adopted by City Council resolution.
The investment officer shall prepare an investment report to be presented to the
investment committee at least two times per year, which wili include a summary
and analysis of the current portfolio, transactions made during the previous six
months, investment income and average bond yield. The investment committee
shall prepare a report of its review and make any recommendations as
appropriate to City Council.
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