Page 459 - FortWorthFY22AdoptedBudget

external control structure designed so that assets are reasonably protected from
loss, theft, or misuse. Such internal controls shall consist, at a minimum, of the
following:

A. All securities purchased or sold will be transferred only under
the “delivery versus payment” (DVP) method to ensure that
funds or securities are not released until all criteria relating to
the specific transaction are met,

B. The Trustee is authorized to accept, on behalf of and in the
name of the City of Fort Worth OPEB Trust Fund, securities
in return for investment of funds,
C. Securities transaction confirmations shall fully describe the
various securities held. The receipt or confirmation shall state
that the investment is held in the name of Trustee, or its
depository nominee name, for the benefit of the City of Fort
Worth OPEB Trust, and

D. The written system of internal controls and operational
procedures shall be subject to review by the City’s internal
and external auditors as part of the annual financial audit.

V. REPORTING

Quarterly reports concerning the investment activities, investment portfolio and
performance will be submitted to the Investment Committee and placed on the agenda
of the City Council. Other information may include recent market conditions, economic
developments, and anticipated investment conditions.

VII. POLICY REVIEW

The Fort Worth OPEB Trust Investment Policy shall be reviewed by the Investment
Committee and adopted by the City Council at least annually. The adopting resolution
shall include any changes made to the Policy. Any modification to the Investment
Policy shall be provided to the Trustee and its Sub Advisor and acknowledged in
writing via Appendix A.

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