Sarasota County Investment Policy 2018

Sarasota County Investment Policy 15 All transactions and the strategies that may have been used to develop the transactions should be documented in writing and approved by the appropriate person. i. Development of a wire transfer agreement with the depository bank as it relates to the overall banking agreement This agreement should outline the various controls and security provisions for making and receiving wire transfers. j. Investigation and due diligence of government sponsored pools and/or mutual funds The due diligence of pools/funds shall be fully investigated and documented. Procedures for evaluating pools and funds shall be incorporated into the Investment Procedures. 2. Investment Report The Comptroller’s Office shall prepare an investment report on a monthly basis for the Board of County Commissioners. The report shall include information regarding the type, book value and diversification of the securities in the portfolio, as well as the investment strategy and earned income information. The reports shall be made available to the public. Market conditions may, from time to time, negatively impact the underlying securities in the portfolio. Any violations of the investment policy shall be immediately reported to the Comptroller, upon their discovery. For example, if an existing security experiences a change that would preclude it from being purchased, a downgrade in the bond’s credit rating or an extension in its Effective Duration - beyond that allowed by the Investment Policy Statement, the Comptroller, in consultation with the Director of Finance and Treasury Management staff, may decide to continue to hold or sell the security. In the event the security is to remain in the portfolio – it will be added to a “Security Watch List” report with the rationale for continuing to hold the security. 3. Training and Education It is the policy of the County to provide for the continuing education of the investment officials responsible for making investment decisions. The Treasury Manager, and any other officials responsible for making investment decisions, shall annually complete no less than twenty-four (24) hours of continuing education in subjects or courses of study related to investment practices and products, in accordance with Section 218.415 (14), Florida Statutes. 4. Independent Review of the Investment Portfolio and Investment Policy The Comptroller shall engage a qualified rating agency or analytical firm to review the investment portfolio of the County annually. Such review should include, but not be limited to, a review of the organization, investment team, operating policies, internal controls, maturity and credit quality of the portfolio investments and sensitivity of the portfolio to changing market conditions.