Chapter 2.90
INVESTMENT POLICIES

Sections:

2.90.010    Excess cash.

2.90.020    Investments.

2.90.010 Excess cash.

Excess cash held in city funds shall be invested. Excess cash is the cash holdings of the city, beyond the city’s current needs for ongoing expenses and anticipated capital needs for expenditure, within 45 days of the time of consideration. (Ord. 1382 § 1, 1998).

2.90.020 Investments.

Investments shall be as follows:

A. Local Government Investment Pool. For liquidity, to access funds for unanticipated expenses, or to meet normal expenses during an unusually low revenue period, a portion of the city’s excess cash shall be invested through the local government investment pool (LGIP), operated by the office of the Washington State Treasurer.

B. To maximize earnings through city investments, excess cash, beyond that held in the LGIP, may be invested in certain types of investments as allowed by state statutes. Ideally, such investments shall have staggered maturity dates to provide periodic opportunities for reinvestment.

C. Determination of investments to purchase shall be made through consultation between the city’s finance director and the mayor, comparing the merits of offerings through investment brokerage representatives.

D. Investments shall be made by the finance director, or, in the absence of the finance director, by the city clerk. (Ord. 2005 § 1, 2021; Ord. 1382 § 2, 1998).