Page 407 - City of Westlake FY20 Budget

Section 11 Municipal Policies
Municipal Investment Policy

• Change in market value during the period
• Detail on each asset (book, market, description, par ad maturity date)
• Earnings for the period
• Overall weighted average maturity of the portfolio

The report will be prepared jointly by all involved in the investment activity and be signed
by the Investment Officer. It will contain all elements as required by the Act and be signed
by the Investment Officers as in compliance with the Act and this Policy. Market prices for
assignment of market values will be obtained from an independent source. The three-
month Treasury Bill average yield for the reporting period will be reported as a gauge of
performance and risk.

XIII. DEPOSITORIES
The Town will designate one banking institution through a competitive process as its
central banking services provider at least every five years. This institution will be used for
normal banking services including disbursements, deposits, and safekeeping of Town
owned securities. Other banking institutions from which the Town may purchase only
certificates of deposit will also be designated as a depository.

All banking arrangements will be in written form in accordance with FIRREA which requires
a resolution of approval of the agreement by the Bank Council or Bank Loan Committee.

XIV. INVESTMENT POLICY ADOPTION BY COUNCIL
The Town's Investment Policy and its incorporated strategies shall be adopted by ordinance
annually by the Council.

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