4.1c ERMUSR 01-11-2022COMMISSION POLICY
Section:Category:
GovernanceGovernance Policies
Policy Reference:Policy Title:
Financial Reserves&Investment
G.2g2
CommitteeCharter
PURPOSE:
The Financial Reserves & Investment Committee exists to help the Commission develop and
maintain industry appropriate financial reserves and investment policies.
MEMBERSHIP:
The Committee shall be comprised of two Commissioners, the General Manager, and the
FinanceManager. At no time shall there be a quorum of the Commission on the Committee.
The Commission shall appoint Committee members annually following the Commission election
of officers during the March Regular Commission meeting. The Commission shall also appoint
the Committee Chair at that time.
ROLE OF THE COMMITTEE CHAIR:
The primary role of the Committee Chair is to run the Committee meetings. The Committee will
adhere to the Current edition of for all situations to
which they are applicable and are not inconsistent witbylaws, policies, and any
special rules of order that the Commission may adopt. The Committee meetings may be open or
closed to employees at the discretion of the Committee Chair.
AUTHORITY:
Except as established in this Committee Charter, the authority of the Committee is limited tothe
purpose of research and recommendation to the Commission. The Committee, at the discretion
and through formal action of the Commission, may be empowered beyond the role of research
and recommendation such that itis consistent with the Organizational Core Purposepolicies
and the Commission Committeespolicy.
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ERMU Commission PolicyG.2g2Financial Reserves & InvestmentCommitteeCharter
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SPECIFIC DUTIES:
1.At the request of the Commission, research and analyze topics related to financial reserves
and investments.
2.On a periodic basis, the Committee will review the InvestmentPolicies, investment balances,
and the various investment instruments for return, liquidity, and diversification.The
Committee may present options and make recommendations to the Commission for their
consideration.
3.Annually, when the Commission designates the official depository for the year, it should
provide for the Finance Manager to recommend that additional depositories be designated for
the purpose of investing funds.
4.On behalf of the Commission and Committee, new investments will be authorized by the
FinanceManager, with the funds actually being transferred via a check produced by the A/P
Specialist, and recorded in the check register detail presented at the regular Commission
meetings.Investments that matureshall be reinvested by the Finance Manager. All investing
will be transacted working with the investment firm(s) or bank(s) for the best rate of return
within the constraints of theManagementInvestment Policy. In the event that the Finance
Manager is unable to conduct theaboveinvestment responsibilities, the General Manager has
the authority to act in his/her absence.
5.On a periodic basis, the Committee will review the Financial Reserves Policiesand reserve
balances. The Committee may present options and make recommendations to the
Commission for their consideration.
SCHEDULE:
At a minimum, the Committee shall meet on anannual basis.
TERMINATION:
The Committee shall exist until at such time formal action of the Commission is taken to
dissolve the Committee.
POLICY HISTORY:
AdoptedMay 9, 2017
RevisedJuly 14, 2020
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