The Investment Officer shall submit quarterly and annual reports to the Depository
Commission and to City Council setting forth the investment and depository activity
of the City for the preceding period, including the total balance in the custody of
each depository bank. The Investment Officer shall report to the Depository Commission
any substantial decrease in the market price, or, in his judgment, any substantial
increase in the credit risk, of any eligible investment held by the city. The Investment
Officer shall maintain the treasury investment account and any other necessary records
of all investments and deposits. The Director of Finance shall establish procedures
for internal controls that shall be reviewed annually by the independent auditor.
These controls shall be designed to prevent loss of public money due to fraud, error,
misrepresentation, unanticipated market changes, or imprudent actions.
(Ord. 789-1986; Ord. 611-1985)
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