[HISTORY: Adopted by the Town Council of the Town of South Berwick 8-26-1991. Amendments noted where applicable.]
The Town of South Berwick Town Council hereby adopts the following cash management policy and rules for utilization by the Town Treasurer and the Town Council in the cash management of the Town of South Berwick.
The purpose of the Town Council in establishing this policy is to ensure an adequate amount of cash available to meet daily needs, maximize the availability of cash for investment purposes, to maximize the rate of return on the investment of idle cash and to ensure that the principal amount of cash invested is protected from loss.
Delegation. Pursuant with 30-A M.R.S.A. §§ 5603 and 5706, the authority of the municipal officers to direct the investment of municipal funds is hereby delegated to the Town Treasurer or in his absence to the Deputy Town Treasurer.
Investments. The Town Treasurer is authorized to invest municipal funds in accordance with the provisions of 30-A M.R.S.A. § 5706. The maximum maturity limit on securities purchases with cash from the General Fund shall be 12 months. Maturities on securities purchased with cash from other town funds may be longer with the permission of the Town Council.
Redemption. The Town Treasurer shall redeem the securities in which funds are invested. The proceeds of the investments shall be applied to the funds from which the securities were purchased.
Cash budget. The Town Treasurer shall prepare a cash flow projection for the fiscal year during the month preceding the start of the fiscal year.
Selection of securities. The Town Treasurer shall select securities for investment purposes on a competitive basis.
Reports. The Treasurer shall make quarterly reports to the Town Council of all investments.