THE CITY OF WARWICK INVESTMENT POLICY FOR OPERATING FUNDS

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1 THE CITY OF WARWICK INVESTMENT POLICY FOR OPERATING FUNDS All funds shall be invested in conformance with the State of Rhode Island and the City of Warwick Statutes. Delegation of Authority Authority to manage the investment program is granted to the City Treasurer, hereinafter referred to as the Investment officer. Responsibility for the operation of the investment program is hereby delegated to the Investment Officer, who shall act in accordance with established written procedures and internal controls for the operation of the investment program consistent with this investment policy. Procedures should include references to: safekeeping, delivery vs. payment, investment accounting, repurchase agreements, wire transfer agreements, and collateral/depository agreements. No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the Investment Officer. The Investment Officer shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinate officials. PRIMARY OBJECTIVES The most prudent primary objectives for this Investment Policy are: safety, liquidity, and yield, in that order. Safety Safety shall be the top objective of this investment program. The investment of government funds must seek to ensure the preservation of capital in the overall portfolio. In meeting that objective, you want to be sure to mitigate credit risk as well as interest rate risk. Credit Risk: is the risk of loss due to the failure of the security issuer or backer. To achieve the goal of minimizing credit risk the City of Warwick shall limit its investments to the following types of securities: U.S. Treasury obligations which carry the full faith and credit guarantee of the United States government and are considered to be the most secure instruments available. U.S. government agency and instrumentality obligations that have a liquid market readily determinable market value. Certificates of deposit and other evidences of deposit at financial institutions Bankers' acceptances Commercial paper, rated in the highest tier (e.g., A-1, P-1, F-1, or D-1 or higher), by a nationally recognized rating agency.

2 Investment-grade obligations of state, provincial and local governments and public authorities Repurchase agreements whose underlying purchased securities consist of the aforementioned instruments. Money market mutual funds regulated by the Securities and Exchange Commission and whose portfolios consist only of dollar-denominated securities. Local government investment pools either state-administered or developed through joint powers statutes and other intergovernmental agreement legislation. To ensure liquidity, the weighted Average Maturity should not exceed 90 days. The City shall pre-qualify any financial institutions that it will do business with and maintain a list of approved broker/ dealers selected by their creditworthiness (e.g., a minimum capital requirement of $10,000,000 and at least five years of operation). These may include "primary" dealers or regional dealers that qualify under Securities and Exchange Commission (SEC) Rule 15C3-1 (uniform net capital rule). All financial institutions and broker/dealers who desire to become qualified for investment transactions must supply the following as appropriate: Audited financial statements demonstrating compliance with state and federal capital adequacy guidelines, Proof of National Association of Securities Dealers (NASD) certification (not applicable to Certificate of Deposit counterparties), Proof of state registration, Completed broker/dealer questionnaire (not applicable to Certificate of Deposit counterparties), Certification of having read and understood and agreeing to comply with the [entity's] investment policy, Evidence of adequate insurance coverage. An annual review of the financial condition and registration of all qualified financial institutions and broker/dealers will be conducted by the investment officer. The last important factor in minimizing credit risk is to diversify the City s investment portfolio so that the impact of potential losses from any one type of security or from any one individual issuer will be minimized. Interest Rate Risk: is the risk that the market value of securities in the portfolio will fall due to changes in market interest rates. To achieve this goal the City will structure the investment portfolio so that securities mature to meet cash requirements for ongoing operations, thereby avoiding the need to sell securities on the open market prior to maturity. Also, the City will invest operating funds primarily in shorter-term securities, money market mutual funds, or similar investments pools and limit the average maturity of the portfolio in accordance with the following policy. (The investments shall be diversified by limiting investments to avoid overconcentration in securities from a specific issuer or business sector (excluding U.S. Treasury securities), limiting investment in securities that have higher credit risks, investing in securities with varying maturities, and continuously investing a portion of the portfolio in readily available funds such as local government investment pools (LGIPs), money market funds or overnight repurchase agreements to ensure that appropriate liquidity is maintained in order to meet ongoing obligations.)

3 Liquidity The investment portfolio shall remain sufficiently liquid to meet all operating requirements that may be reasonably anticipated. This will be accomplished by structuring the portfolio so that securities mature concurrent with cash needs to meet anticipated demands (static liquidity). Furthermore, since all possible cash demands cannot be anticipated, the portfolio should consist largely of securities with active secondary or resale markets (dynamic liquidity). Alternatively, a portion of the portfolio may be placed in money market mutual funds or local government investment pools which offer same day liquidity for short-term funds. Yield The investment portfolio will be designed with the objective of attaining a market rate of return throughout the budgetary and economic cycles, taking into account the investment risk constraints and liquidity needs. Return on investment is of secondary importance compared to the safety and liquidity objectives described above. The core of investments is limited to relatively low risk securities in anticipation of earning a fair return relative to the risk being assumed. Securities shall generally be held until maturity with the following exceptions: A security with declining credit may be sold early to minimize loss of principal. A security swap would improve the quality, yield, or target duration in the portfolio. Liquidity needs of the portfolio require that the security be sold. STANDARDS OF CARE The GFOA recommended Standards of Care to be used by the City s Investment Officer are prudence, ethics and conflicts of interest, and delegation of authority. Prudence The standard of prudence to be used by the Investment Officer shall be the "prudent person" standard and shall be applied in the context of managing an overall portfolio. Investment officers acting in accordance with written procedures and this investment policy and exercising due diligence shall be relieved of personal responsibility for an individual security's credit risk or market price changes, provided deviations from expectations are reported in a timely fashion and the liquidity and the sale of securities are carried out in accordance with the terms of this policy. The "prudent person" standard states that, "Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion and intelligence exercise in the management of their own affairs, not for speculation, but for investment, considering the probable safety of their capital as well as the probable income to be derived.

4 Ethics and Conflicts of Interests The City s Investment Officer involved in the investment process shall refrain from personal business activity that could conflict with the proper execution and management of the investment program, or that could impair their ability to make impartial decisions. The Investment Officer shall disclose any material interests in financial institutions with which he or she conducts business with. He or she shall further disclose any personal financial/investment positions that could be related to the performance of the investment portfolio. The Investment Officer shall refrain from undertaking personal investment transactions with the same individual with whom business is conducted on behalf of the City. Safekeeping and Custody To protect against potential fraud or embezzlement, the investments of the City shall be secured through third-party custody and safekeeping procedures. Ownership shall be protected through third-party custodial safekeeping. The City s external auditor shall review safekeeping procedures annually. All securities owned by the City shall be held by a single safekeeping agent in the name of the City of Warwick. The exception to this may be when participating in Tri-party repurchase agreements by which the broker and the City jointly select a safekeeping agent. Collateral securities for deposits with financial institutions will be held in a third party entity and registered jointly to the City and to the depository financial institution. Securities which serve as security for repurchase agreements must be delivered to a third-party custodian with whom the City has established a third-party safekeeping agreement. The authorization to release City securities and transfer City funds will be accomplished by authorized City finance staff. Verification of securities and collateral will be part of the City s annual independent audit. Reporting The Investment Officer shall prepare an investment report quarterly. This management summary will be prepared in a manner which will allow the City to ascertain whether investment activities during the reporting period have conformed to the investment policy. The report should be provided to the City s Mayor. The report will include the following: Listing of individual securities held at the end of the reporting period. Realized and unrealized gains or losses resulting from appreciation or depreciation by listing the cost and market value of securities over one-year duration that are not intended to be held until maturity (in accordance with Governmental Accounting Standards Board (GASB) requirements). Average weighted yield to maturity of portfolio on investments as compared to applicable benchmarks. Listing of investment by maturity date. Percentage of the total portfolio which each type of investment represents.

5 Performance Standards The investment portfolio will be managed in accordance with the parameters specified within this policy. The portfolio should obtain a market average rate of return during a market/economic environment of stable interest rates. A series of appropriate benchmarks shall be established against which portfolio performance shall be compared on a regular basis. The benchmarks shall be reflective of the actual securities being purchased and risks undertaken and the benchmarks shall have a similar weighted average maturity as the portfolio.

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