The City Treasurer’s office is entrusted with the authority to invest the City’s inactive cash balances by the City Council. The investment of funds is performed in accordance with State and Federal laws as outlined in the City’s annually adopted investment policy. Through the practice of effective cash management, Treasury staff invests the City’s funds with three primary goals in mind: preserving the principal of its investments (safety), providing ample cash to meet budgeted expenditures (liquidity) and generating a market rate of return to provide income to the City (yield).
The City’s funds are managed as a pool of assets in one single portfolio, with investment earnings allocated monthly to the participating funds. Investment activity is reported to the City Council on a quarterly basis, as required by the investment policy. The report contains summary and detailed information on the City’s investments, including market value, as well as market commentary for the reporting quarter. The report is submitted to City Council in the month following a quarter-end, as well as placed on a City Council agenda for formal acceptance of the report.
Oversight of the City’s investment portfolio management is performed by the Citizen Investment Oversight Committee. Established in 1995, the Committee consists of five members appointed by the City Treasurer. The Committee meets quarterly to review investment operations and ensure that the portfolio complies with the investment policy and applicable State and Federal laws. Annually, the Committee also reviews the City’s investment policy and recommends any necessary changes to the City Treasurer.