Page 326 - CityofHasletFY25AnnualBudget

Risk of market price changes shall be controlled by avoiding over-concentration
of assets in a specific maturity sector, limitation of average maturity of operating
funds investments to one year, and avoidance of over-concentration of assets in
specific instruments other than U.S. treasury securities and insured or
collateralized certificates of deposit.

Risk of liquidity due to technical complications shall be controlled by the selection
of securities dealers as described in Section VIII.

F. Marketability

The Investment Officer shall strive to ensure that the market value of each investment
exceeds the book value. The City shall pursue an active versus a passive portfolio
management philosophy. That is, securities may be sold before they mature if market
conditions present an opportunity for the City to benefit from the trade. The Investment
Officer will routinely monitor the contents of the portfolio, the available markets, and the
relative value of competing instruments, and will adjust the portfolio accordingly.

G. Cash Management Program

The City shall conduct a comprehensive cash management program, which includes
collection of accounts receivable, vendor payment in accordance with invoice terms,
and prudent investment of available cash. Cash management is defined as the practice
of maximizing the income on an organization’s liquid resources. This is accomplished by
maximizing cash availability through the acceleration of cash receipts and the
disciplined control of cash disbursement. Cash managers shall seek to obtain safe
market rates of return for their short-term investments.

H. Public Trust

All participants in the City's investment process shall seek to act responsibly as
custodians of the public trust. Investment officials shall avoid any transaction, which
might impair public confidence in the City's ability to govern effectively.

V. RESPONSIBILITY AND CONTROL

A. Delegation of Authority and Training

Authority to manage the City's investment program is derived from resolution of the City
Council. The Finance Director is designated as Investment Officer of the City and is
responsible for investment decisions and activities in accordance with this policy. In the
absence of the Finance Director, the City Administrator will serve as the Investment
Officer. Unless authorized by law, a person may not deposit, withdraw, transfer or
manage in any other manner the funds of the City. The Investment Officer shall
establish written procedures for the operation of the investment program, consistent
City of Haslet Financial Policy

Haslet Adopted Budget FY 2024-2025 324