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<br />:j <br /> <br />l.j <br /> <br />(4) Investments <br /> <br />(a) Objectives ~ Investments of the City of New <br />Brighton shall be undertaken in a manner <br />which seeks to insure the preservation of <br />capital in the overall portfolio. Safety <br />of principal is the foremost objective. <br />Liquidity and yield are also important <br />considerations. It is essential that cash <br />is always available when needed, therefore, <br />New Brighton's investment goal is to maximize <br />yield while matching maturity dates with <br />expenditure needs. <br /> <br />All participating in the investment process <br />shall seek to act responsibly as custodians <br />of the public trust. Investment officials <br />shall avoid any transaction that might impair <br />public confidence in the City of New Brighton's <br />ability to govern effectively. <br /> <br />(b) Procedures - These shall include: <br /> <br />Par <br />Value <br /> <br />(1) Cash flow projections are prepared at <br />the beginning of each budget year. <br /> <br />(2) Each morning cash balances are prepared <br />based on cash received the previous day, <br />warrants paid the previous day and size- <br />able checks or wire transfers that present <br />investment opportunity. <br /> <br />(3) Each morning the investment records are <br />reviewed and updated as investments <br />mature or are purchased. <br /> <br />(4) Each month the investment records are <br />balanced to the financial reCords. <br /> <br />(5) Each quarter the Finance Director shall <br />submit a report of the City's investments <br />and cash position to the City Council. <br /> <br />This report will be a summary analysis <br />with an attached listing of the invest- <br />ments showing: <br /> <br />Description <br /> <br />Purchase <br />Coupon Maturity Price <br /> <br />Yield to <br />Maturity <br /> <br />The report will compare total interest <br />and rate of return from the current 12 <br />months to the past 12 months. The <br />balance of the report will discuss <br />investment plans and strategy and high- <br />light significant projected cash outlays <br />or inflows. <br /> <br />3 <br />