Specifications include, but are not limited to: Specific responsibilities of the selected investment manager will include, as applicable, but not be limited to the following: a. Manage, on a daily basis, the Town’s investment portfolio pursuant to the specific, stated investment objectives. Evaluate orders and recommend purchase and sale of securities and communicate settlement information to the Town staff and assist in coordinating security settlement. b. Maintain and provide documentation to Town staff for at least three (3) bids obtained where securities are purchased on a secondary market. c. Serve as a general resource to the Town staff for information, advice and training regarding fixed income securities, investments, and treasury operations. d. Work with Town staff to develop cash flow projections to ensure that the investment strategy is consistent with the Town’s cash requirements and provide recommendations for change. e. Provide monthly statements on investment activity, earnings and the value of the investment portfolio. These reports must include a market-to-market valuation as required by GASB 40 and 72. The selected investment manager must maintain accurate reports of investments and ensure compliance with the investment policy of the Town. At the end of each fiscal year, the Investment Management Firm must confirm, in writing, that our investments are in compliance with our Investment Policy. The Investment Management Firm must also submit any additional reports that are necessary for the Town’s annual audit and Annual Comprehensive Financial Report (ACFR). f. Provide quarterly investment reports to the Town’s Budget & Finance Director, including a description of market conditions, investment strategies employed performance and suggested changes to investment strategy. g. Make presentations to Town staff, Town committees or the Town Council, as requested by the Town Council or Town staff. h. Assist in risk control to ensure the ongoing safety of the Town’s assets not related to market risk. i. The Investment Management Firm will not provide custodial services or security safekeeping.
