The
Treasury operation manages the City's financial resources
through the timely and accurate collection, deposit , monitoring,
transferring and investment of City funds. The purpose of
this activity is to ensure that sufficient funds are available
when needed to pay the City's financial obligations such
as operating expenses, payroll and debt service. This is
achieved through consistent monitoring of the City's funding
needs, receiving and depositing receipts in a timely manner,
and transferring funds among appropriate accounts in order
to fund accounts payable when due. Many administrative and
banking activities are necessary to permit this activity
to proceed without delay. Electronic banking is utilized
extensively to permit greater control and flexibility over
the City's bank accounts, including electronic transmission
for Positive Pay for both payroll and general disbursements,
and on-line processing of fund transfers for debt service
and other recurring disbursements. In addition, on-line
banking is utilized to wire funds and transmit data for
deferred compensation, sales and use taxes, payroll taxes
and to third party administrators handling workers' compensation
and medical/dental insurance. The City transmits payroll
through the Automated Clearing House (ACH) process of the
Federal Reserve System. Treasury functions also include
managing the City's investment program, managing the City's
electronic banking function, processing all fund transfers
between City accounts, monitoring City debt service requirements
and collecting and processing all daily deposits citywide.
The Treasury operation manages the City's investment portfolio.
This activity is conducted within strict guidelines promulgated
by the City's investment policy as established by the City
Investment Committee, which consists of the City Manager,
the City Auditor and Clerk, the Finance Director and the
Funds and Investment Manager. The program must provide quality
investment services that comply with the City investment
policy that emphasizes safety and liquidity, while maximizing
the annual rate of return. The portfolio consists of U.S.
Treasuries, U.S. Government agencies, Local Government Surplus
Trust Fund, Florida Municipal Investment Trust Fund, Repurchase
Agreements, Commercial Paper, Certificates of Deposit and
Money Market Accounts. Subject to portfolio modification
initiated by the Finance Director and approved by the City
Investment Committee, investment categories are limited
as follows: U.S. Treasuries and Collateralized U.S. Government
Agencies are unlimited, Repurchase Agreements and Uncollateralized
U.S. Agencies are limited to 80% and 40% respectfully while
most other investment vehicles are limited to 10% of the
total portfolio. At the conclusion of each quarter, a Quarterly
Investment Report is issued for the City's Investment Committee
for performance review. An Annual Investment Report highlighting
quarterly performance is also issued for approval by the
City Commission. A sample of more recent Investment Reports
can be accessed below.
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Available Investment Reports
