Treasury

CASH MANAGEMENT

The City's Treasurer manages the City's banking relationships, monitors the inflow and outflow of the City's cash and directs the depository review process.

At least every five years, a Depository is selected through the City's banking service procurement process, which includes a formal request for application (RFA).  The selection of the depository is determined by competitive bids and council approval.

The City's Depository account is currently with Citibank, N.A.

INVESTMENTS

The City's Treasurer is responsible for the investment of idle cash.  When making investments, the City is governed by its Investment Policy which is in compliance with the Texas Government Code Public Funds Investment Act.

The primary objectives of the City's investment activities are as follows:

• Safety of principal
• Sufficient liquidity to enable the City to meet all operational requirements that might be reasonably anticipated
• Maximum rate of return throughout budgetary and economic cycles, taking into account the risk constraints and cash flow characteristics of the portfolio

The goals of the Fiscal Service Dept. with regard to investments are to invest 99% of available cash and to earn a return equal to 100% of similarly weighted average maturity treasury notes.

Download Investment Policy