City of Plymouth Proposed 2022-2023 Budget - Flipbook - Page 271
2.
4.13
4.14
Reserve Funds may be invested in securities exceeding two years if the maturity
of such investments is made to coincide as nearly as practicable with the expected
use of the funds.
PERFORMANCE AND REPORTING
1.
The investment officer shall submit an annual investment report that provides the
principal and type of investment by fund, annualized yield, ratio of cash to
investments, earnings for the year and a summary report of cash and investments
maintained in each financial institution.
2.
Performance of the portfolio shall be submitted to the City Commission and City
Manager in a quarterly report detailing the characteristics of the portfolio as well as
its performance for that period. Material deviations from projected investment
strategies shall be reported to the City Commission and City Manager.
3.
The City's investment strategy is relatively passive. Given this strategy, the
benchmark used by the investment officer to determine whether market yields are
being achieved will be the U.S. Treasury Bills rate.
INVESTMENT POLICY ADOPTION
The City's investment policy shall be adopted by resolution of the City Commission and
may be amended upon the recommendation of the City Manager and approval of the City
Commission.
The undersigned acknowledges the receipt of the above City of Plymouth Investment Policy
which was adopted by the Plymouth City Commission pursuant to the provisions of Act 20 of
1943, as amended by Act 196 of 1997, on March 7, 2022. The undersigned has reviewed all of
the provisions contained in this policy and hereby agrees to comply with the investment
restrictions and provisions as set forth.
Dated:
Signed:
Representing:
INVPOL22
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