The City Finance Director invests inactive funds in commercial banks and savings and loan certificates of deposit and instruments guaranteed by the U.S. Government and its agencies. Active City funds are invested in commercial interest bearing bank accounts. Investment of City funds is made in order to preserve capital in the overall portfolio and to ensure sufficient liquidity to enable the City to meet reasonably anticipated operating requirements. The City pools its cash for investment purposes to capture the highest return.
An audit team from Charles E. Harris & Associates has performed the City's 2007 audit. The results of their audit are incorporated in the Independent Auditor's Report. In addition to meeting the requirements set forth in state statues, the audit was also designed to meet the requirements of the Federal Single Act of 1984 and related OMB Circular A-128.