§ 2-187. Reporting requirements.

(a)

The clerk shall provide reports to the mayor and board as follows:

(1)

Monthly, including actual trade market value, investment manager account activity report, and brokerage and third-party commissions.

(2)

Quarterly, including portfolio characteristics and market outlook (narrative).

(b)

The topics in these reports shall include:

(1)

Performance for the past period; standard time periods for each report will be last quarter, year to date, latest 12 months, three years, and since inception. Returns should be annualized and calculated on a time-weighted basis for the total portfolio. All returns should include accrued interest and dividends.

(2)

Rationale for performance results, discussion of specific portfolio strategy for the quarter, portfolio characteristics, and support for market and economic assumptions.

(Code 2004, § 27.6)