Cash and Investments

Goal: The city’s investment program will maximize the security of principle while conforming to state statutes. 

The city will conform to state statutes that govern the investment of public funds.  Cash will be invested in a diverse portfolio and in a manner that will provide the maximum security with the best investment return.  Sufficient cash shall be maintained to provide adequate funds for current operating expenditures before cash is invested.  A formal investment policy adopted by resolution will guide the management of the portfolio. A review of this policy will be completed every three years and updated accordingly.

Bank account fraud protection measures will be used to the extent that the cost does not exceed the benefit.  Consideration of using fraud protection features by the bank will be implemented if the fees are reasonable.  Reconciliation of bank statements will be done each month and reconciled by an employee that has no authorization to write checks.

Cash collected will be deposited daily into the city’s bank account and all electronic transactions will be reconciled and documented daily. Two party authorizations will be required for all wire and ACH transactions over $500,000.