Bishop Municipal Code Ch. 3.06 Investment Policy

This chapter shall apply to all public funds held for safe keeping in the city.

(Code 1985, § 3.06.010; Ord. No. 483, § 1(part), 1998)

A. The overall objective of the investment of city funds is to maintain the safety of principal while obtaining a market rate of return on the principal investment.

B. As a general law city incorporated under general state law, the city shall invest in accordance with Government Code § 53600 et seq.

C. In addition to safety and yield, the financial team shall ensure that investments be made in such a manner as to allow for the necessary liquidity to meet the demands of the day to day needs of the city.

(Code 1985, § 3.06.020; Ord. No. 483, § 1(part), 1998)

Investment responsibility shall rest with the financial team made up of the city administrator/finance director. Overall policy and accountability requirements shall reside with the city council.

(Code 1985, § 3.06.030; Ord. No. 483, § 1(part), 1998)

Deposits and withdrawals from the investment portfolio may only be made by the city administrator/finance director and the accounting secretary in accord with state law and city guidelines.

(Code 1985, § 3.06.040; Ord. No. 483, § 1(part), 1998)

The city council shall receive an investment portfolio summary at a regular council meeting once each month.

(Code 1985, § 3.06.050; Ord. No. 483, § 1(part), 1998)

A. The city administrator/finance director and assistant finance director shall routinely monitor the contents of the portfolio in relation to the limitations and restrictions imposed by state statutes, the city council and other appropriate guidelines set forth in city policies.

B. An independent audit shall be conducted each fiscal year to confirm the city's compliance with generally accepted accounting principles.

(Code 1985, § 3.06.060; Ord. No. 483, § 1(part), 1998)