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~7 <br />SELECTION QF SECURITIES <br />The Financial Services Director will determine which instruments shat[ be purchased and sold <br />and the .desired maturity dates} that are in the best interest of the County. The selection of an <br />instrument will involve the evaluation of, but not be limited to, the following factors: <br />A. Cash flow projections and requirements. <br />S. Current market conditions. <br />C. Qverall po~folio balance and makeup. <br />CUSTODY AND SAFEKEEPING QF SECURITIES <br />Qrange County will maintain a third party safekeeping account for all investments ~genera[ly <br />provided by the County's primary bank}. Transactions should be processed on a delivery <br />versus payment basis. Some securities, primarily certificates of deposit, will not be kept in the <br />third party safekeeping account, but will be kept by the Financial Services Director in the vault <br />of the Finance Services Department. <br />INTERNAL CQNTRQLS <br />The Financial Services Director is responsible for establishing a system of internal controls. <br />These controls are designed to prevent lasses of public funds arising from fraud, employee <br />error, and misrepresentation by third parties or imprudent actions by County employees. <br />REPQRTING <br />The Financial Services Director shall maintain a monthly investment report. The report shall <br />include a general description of the por~olio in terms of investment securities, maturities, yields <br />and other features. The report will show investment earnings for the month and fiscal year-to- <br />date, including the annualized earned yield percentage for the poifolio. The report will <br />compare actual investment earnings with budgeted earnings. <br />4 <br />