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<br />~:- <br /> <br />~" <br /> <br />, ~I <br /> <br />RESOLUTION NO. 86-19 <br /> <br />:i <br /> <br />STATE OF MINNESOTA <br />COUNTY OF RM1SEY <br />CITY OF NEW BRIGHTON <br /> <br />:1 <br />i! RESOLUTION ESTABLISHING CASH W\NAGEMENT POLICIES AND PROCEDURES <br />, <br /> <br />WHEREAS, effective cash management is recognized as essential <br />to good fiscal management especially as mounting costs and <br />,: expanding programs have placed ever increasing pressures on <br />, local governments; and <br /> <br /> <br />WHEREAS, the extent to which local governments can obtain <br />investment returns on the use of its funds can help to reduce <br />this pressure; and <br /> <br />WHEREAS, investment pOlicies must be well founded and <br />. I uncompromisingly applied in their legal, vendor and adminis- <br />;, trative aspects; and <br /> <br />:'i <br /> <br />WHEREAS, the laws of Minnesota prescribe procedures to be <br />followed in the investment of public funds and it is the city's <br />intent to adhere to these procedures and, in some cases, be more <br />:! restrictive. <br /> <br />NOW THEREFORE BE IT RESOLVED, that the policies and procedures <br />in this Resolution are intended to assist in meeting the above <br />purposes while also complying with Minnesota statutes. <br /> <br />BE IT FURTHER RESOLVED, that this assistance shall be in the <br />following areas: <br /> <br />(1) Collection and Accounts Receivable Hanagement <br /> <br />Receiving cash for receivables as soon as possible <br />and gaining access to these funds. <br /> <br />(2) Disbursements, Accounts Payable and Inventory/ <br />Supply Management <br /> <br />Paying suppliers and other vendors on the latest <br />reasonable date, taking advantage of discounts <br />and optimizing the investment in inventory and <br />supplies. <br /> <br />(3) Internal Controls <br /> <br />Safeguarding the City's financial assets. <br /> <br />(4) Investments <br /> <br />Measuring cash balances and projecting needed <br />levels of liquidity to determine amounts and <br />term of investments to maximize investment <br />earnings, while insuring preservation of capital. <br /> <br />BE IT FURTHER RESOLVED, that the policies and procedures for <br />each area shall be: <br /> <br />'I <br /> <br />(1) Collection and Accounts Receivable Management <br /> <br />(a) <br /> <br />The objectives are to bill for City services <br />as soon as practical and collect these and <br />other amounts owed to the city as soon as <br />practical. <br /> <br />1 <br /> <br />II <br />.; ~ <br /> <br />~ ( <br />