Page 54 - City of Bedford FY21 Budget

At the end of each fiscal year, a report on investment performance will be provided to the City
Council. In conjunction with the financial reports presented to Council, the Director of
Administrative Services shall prepare and provide a written recapitulation of the City’s
investment portfolio to the Council, detailing each City investment instrument with its rate of
return and maturity date.

CASH/TREASURY MANAGEMENT. Periodic review of cash flow position will be
performed to determine performance of cash management and investment policies. A detailed
policy structure will be followed with respect to Cash/Treasury Management. The underlying
theme will be that idle cash will be invested with the intent to (1) safeguard assets, (2) maintain
liquidity and (3) maximize return. Where legally permitted, pooling of investments may be
done. The City will adhere to the investments authorized through the City Council approved
investment policies.

The City’s cash flow will be managed to maximize the cash available to invest. Such cash
management will entail the centralization of cash collections, where feasible, including property
tax payments, utility bills, building and related permits and licenses, and other collection offices
as appropriate.

FIXED ASSETS AND INVENTORY. These assets will be reasonably safeguarded, properly
accounted for, and prudently insured.

A fixed asset of the City shall be defined as a purchased or otherwise acquired piece of
equipment, vehicle, furniture, fixture, capital improvement, addition to existing capital
investments, land or buildings, with the cost or value of such acquisition being $5,000 or more
with an expected useful life greater than one year.

The City’s fixed assets shall be reasonably safeguarded, properly accounted for and sufficiently
insured. Responsibility for the safeguarding of the City’s fixed assets lies with the Department
Director in whose department the fixed asset is assigned. The Finance Division shall supervise
the marking of fixed assets with City numbered property tags and shall maintain the permanent
records of the City’s fixed assets including description, cost, department of responsibility, date of
acquisition, depreciation and expected useful life. The Finance Division shall also perform an
annual inventory of assets using random sampling at the department level. Such inventory shall
be performed by the Director Administrative Services or his or her designee in the presence of
designated department personnel from the department of responsibility.

COMPUTER SYSTEM / DATA SECURITY. The City shall provide security of its computer
system and data files through physical security. The computer system (CPU) shall be in a
location inaccessible to unauthorized personnel. On a frequent and scheduled basis, backup files
of system data will be stored off premises for safekeeping.
In addition, the City will take all prudent steps to ensure that the accessibility and integrity of the
City’s computer and information systems will be protected from viruses, unauthorized access,
and other such threats and hazards.

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