49 of 1980 - A RESOLUTION ESTABLISHING POLICY GUIDELINES FOR THE MANAGEMENT OF THE CASH OF SALT LAKE CITY. APPROVED AS TO FORM
Salt Lake City Attorney'. Office
Date 5-y—Yo
/ By ._...
RESOLUTION
A RESOLUTION ESTABLISHING POLICY GUIDELINES FOR
THE MANAGEMENT OF THE CASH OF SALT LAKE CITY CORPORATION
WHEREAS, the objective of cash management for local
government is to produce as much revenue from investment of
available cash as is practicable; and
WHEREAS, income from investment can help offset, at least
partially, the need for additional taxes; and,
WHEREAS, Salt Lake City Corporation recognizes the need to
achieve a sound cash management program;
NOW, THEREFORE, BE IT RESOLVED by the City Council of Salt
Lake City that a uniform and impartial procedure be established
governing the development of a sound cash management program
which shall incorporate the following principles and policies:
1. The City shall comply with applicable Federal and State
laws pertaining to cash management activities, including the
State Money Management Act of 1974;
2. Investments of idle cash shall be made on the principle
basis of highest yield; provided, however, that potential
depositories and investment mechanisms shall meet standard
"safety of principal" provisions under the law;
3. The City shall strive to consolidate existing bank
accounts. Further, the selection of banking services shall be
determined on the basis of the establishment of banking service
requirements and the submission of fair and competitive bids;
4. The City shall continually strive to increase its cash
collection techniques, through the establishment of efficiency
measures;
5. The City shall implement a cash flow planning and
management system, through the development of a cash budget; and
6. Regular quarterly reports shall be developed and
submitted to the City Council containing cash management
activities as appropriate.
Passed by the Council of Salt Lake City, Utah, this 564-
day of WA. lll , 1980.
CH'A I RMAW'
ATTEST:
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CITY RECORDER
-2-
•
ROGER F. CUTLER SAL' (PLAIT A e gar W`��'oi IONJ
CITY ATTORNEY LAW DEPARTMENT ASSISTANTA EAR
O. WALLACE EL
YS
ARL
PHILIP K PALMER 100 CITY AND COUNTY BUILDING RAY L. MONTGOMERY
OTT PROSECUTOR SALT LAKE CITY, UTAH 84111 GREG R. HAWKINS
PAUL G. MAUGHAN
WALTER R.MILLER (801) 535.7788
JUDY F. LEVER
DEPUTY CITY ATTORNEY August 5, 1980
ASSISTANT PROSECUTORS
STANLEY H. OLSEN
• FELIPE E RIVERA
ROGER S. BLAYLOCK
CHERYL D. LUKE
Mayor Ted L. Wilson and
Salt Lake City Council
City & County Building
Salt Lake City, Utah 84111
Dear Mayor and Council Members:
Attached please find four resolutions concerning the
following:
1. A resolution reducing City appropriations for fiscal
year 1980-81, by $440,000.00.
2. A resolution establishing the rate of property tax
levies within Salt Lake City.
3. A resolution establishing policy guidelines for the
management of City cash.
4. A resolution approving a design contract for
landfill operations.
These resolutions are in proper form for adoption.
Respectfully submitted,
WALTER R. MILLER
Deputy City Attorney
WRM:rc
Attachment
Resolution No. ?.•
By City Council
elINNIISTAWER
Establishing policy guidelines for the
management of the cash of Salt Lake
City Corporation.
CITY R1CQ'