§ 2-189.4. Internal controls.

The city shall establish and monitor a set of written internal controls designed to protect the city's funds and ensure proper accounting and reporting of securities transactions. Such internal controls include but not be limited to the following:

(1)

All securities purchased or sold will be transferred only under the delivery versus payment method, with the exception of one-business day repurchase agreements and overnight sweep investments, to insure that funds or securities are not released until all criteria relating to the specific transaction are met.

(2)

The city is authorized to accept bank trust receipts or confirmations as evidence of actual delivery of the obligations/securities in return for investment of funds. Trust receipts or confirmations shall fully describe the various obligations or securities held.

(3)

Obligations or securities may be held by a third-party custodial bank or institution.

(4)

All daily investment activity is coordinated by the city finance director and periodically reviewed by the city manager. The city manager shall provide for internal controls of supervisory control of employee actions and operations review, performance evaluations, and interim and annual reporting.

(Ord. No. 2002-15, § XIII, 6-27-02)