During the fiscal year of 2006/2007, the City's idle funds were invested in accordance with the Investment Policy of the City, reviewed quarterly by the Investment Advisory Committee.
All securities transactions cleared through the Custodial agent with no failed transactions.
Cash management provided sufficient liquidity to meet operational needs.
Accounts payable checks and payroll checks were disbursed in a timely manner as prescribed by City policy.
Treasury implemented the use of the Business Deposit Capture software program that processes deposits electronically by creating images of the checks using a scanner. The deposits are credited by the bank the same day. Armored car transportation and related insurance liability were also reduced as result.
Both Treasurer and Deputy Treasurer attended seminars and conferences sponsored by relevant professional organizations in order to keep current with proposed and enacted legislation and to enhance knowledge and skills relative to investment and cash management. The California Municipal Treasurers Association has conferred the title of Certified California Municipal Treasurer to the Treasurer and the Deputy for meeting requirements and professional standards.
Accepted City's current investment policy to be consistent with relevant Government Code sections governing investments by local agencies.
