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compensating balance to cover the cost of services <br /> provided by the City's depository bank. Daily cash flow <br /> projections determine the funds available for investment. <br /> Investments are monitored to ensure that legal limits on <br /> investment types are not exceeded. <br /> 5.0 DELGATION OF AUTHORITY <br /> 5.1 Investment Authority and Responsibility <br /> The authority to conduct investment transactions rests with the <br /> Executive Director of the Finance and Management Services Agency <br /> (FMSA), who serves as the chief fiscal officer and City Treasurer. <br /> The Executive Director for(FMSA), under the general direction of the <br /> City Council, shall be responsible for all investment transactions <br /> undertaken and shall establish a system of controls to regulate the <br /> investment activities of subordinate officials. <br /> 5.2 Delegation of Authority <br /> The Executive Director for FMSA, or their designee, shall invest all <br /> funds for the City in accordance with the City's adopted investment <br /> policy. The Executive Director for FMSA hereby delegates day-to-day <br /> responsibility for the investment of City funds to the FMSA Financial <br /> Analyst. Managerial and supervisory responsibility for the investment <br /> of City funds may be held by either the Assistant Director of Finance <br /> and Management Services (Assistant Director) or the Treasury and <br /> Customer Services Manager (Treasury Manager). Each designee <br /> shall act in accordance with the established policies and internal <br /> controls set forth in the investment policy. <br /> The Executive Director may engage external investment <br /> management advisors to assist in managing the City's investment <br /> portfolio in a manner consistent with the City's objectives. Such <br /> advisors may be granted discretion to purchase and sell investment <br /> securities in accordance with the Policy. Such advisors must be <br /> registered with the Securities and Exchange Commission and <br /> possess experience in public funds investment management. Such <br /> engagement and/or delegation by the Executive Director shall not <br /> remove or diminish her/his investment responsibility. <br /> 5.3 Assignment of Activities <br /> Supporting and ancillary activities, including but not limited to: <br /> cash flow analysis, municipal or corporate bond credit worthiness <br /> evaluation, investment risk assessment, portfolio analysis, <br /> purchase and sale recommendation, safekeeping, policy and <br /> investment procedures review recommendation, and monthly and <br /> City of Santa-Annual Page 6 July 1. 2026 - <br /> Statement of Investment Policy June 30,2027 <br />