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<br />are made to coincide as nearly as practicable with the expected use of the funds. <br /> <br />13.0 INTERNAL CONTROL: The Finance Director shall establish an annual process of <br />independent review by an external auditor. This review will provide internal control by assuring <br />compliance with policies and procedures. <br /> <br />] 4.0 PERFORMANCE STANDARDS: The investment portfolio shall be designed with <br />the objective of obtaining a rate of return throughout budgetary and economic cycles, <br />commensurate with the investment risk constraints and the cash flow needs. <br /> <br />14.] MARKET YIELD (BENCHMARK): The City of Paris investment strategy is <br />active. Given this strategy, the basis used by the Finance Director to determine whether market <br />yields are being achieved shall be the six-month U.S. Treasury Bill and the average Fed Funds <br />rate. <br /> <br />15.0 REPORTING: The Finance Director is charged with the responsibility of including a <br />market report on investment activity and returns in the City of Paris' Financial Report. Reports <br />must include all information required by Section 2256.023 of the statute. <br /> <br />]6.0 INVESTMENT POLiCY ADOPTION: The City of Paris investment policy shall be <br />adopted by resolution of the City Council. The policy shall be reviewed annually by the City <br />Council and any modifications made therto must be approved by the City Council. <br />