Page 327 - CityofHasletFY25AnnualBudget

with this investment policy. Investment Officers shall attend at least one training
session containing at least 10 hours of instruction relating to the officer's responsibilities
under the Act within 12 months after assuming his or her duties. Thereafter, the
Investment Officers shall attend an investment training session not less than once in a
two-year period and receive not less than 10 hours of instruction relating to investment
responsibilities under the Act from an independent source approved by the City Council.
Such education must include education in investment controls, security risks, strategy
risks, market risks, diversification of investment portfolio, and compliance with the Act.
Authority granted to the Investment Officers is effective until rescinded by the City
Council.

B. Internal Controls

The Investment Officer is responsible for establishing and maintaining an internal
control structure designed to ensure that the assets of the City are protected from loss,
theft or misuse. The internal control structure shall be designed to provide reasonable
assurance that these objectives are met. The concept of reasonable assurance
recognizes that (1) the cost of a control should not exceed the benefits likely to be
derived; and (2) the valuation costs and benefits require estimates and judgments by
management.

Accordingly, the Investment Officer shall establish a process for annual independent
review by an external auditor to assure compliance with policies and procedures. The
internal controls shall address the following points:

1. Control of collusion.

2. Custodial safekeeping.

3. Avoidance of physical delivery securities.

4. Written confirmation for telephone (voice) transactions for investments and wire
transfers.

5. Development of a wire transfer agreement with the depository bank or third party
custodian.

C. Monitoring

The Investment Officer shall monitor the market price of investments by monitoring
statements from financial institutions. The Investment Officer may seek a third party
independent pricing source to determine the value of the portfolio.

City of Haslet Financial Policy

Haslet Adopted Budget FY 2024-2025 325