3-24 Cash Management Plan Detail.pdf

1 3-24 Cash Management Plan of the Township of West Orange In the County of Essex, New Jersey I. STATEMENT OF PURPOSE. This Cash Management Plan (the “Plan”) is prepared pursuant to the provisions of N.J.S.A. 40A:5-14 in order to set forth the basis for the deposits (“Deposits”) and investment (“Permitted Investments”) of certain public funds of the Township of West Orange, pending the use of such funds for the intended purposes. The Plan is intended to assure that all public funds identified herein are deposited in interest bearing Deposits or otherwise invested in Permitted Investments hereinafter referred to. The intent of the Plan is to provide that the decisions made with regard to the Deposits and the Permitted Investments will be done to ensure the safety, the liquidity (regarding its availability for the intended purposes), and the maximum investment return within such limits. The Plan is intended to ensure that any Deposit or Permitted Investment matures within the time period that approximates the prospective need for the funds deposited or invested so that there is not a risk to the market value of such Deposits or Permitted Investments. II. IDENTIFICATION OF FUNDS AND ACCOUNTS TO BE COVERED BY THE PLAN. A. The Plan is intended to cover the deposit and/or investment of the following funds and accounts of the Township of West Orange: Animal Control Trust Fund Account Assessment Trust Fund Account COAH Developer Fee Account and Growth Share Account Community Development Block Grant Account Current Account General Capital Account General Trust Account Municipal Insurance Trust Account Open Space Trust Fund Public Assistance Trust Fund I & II Section Eight Housing Account Special Improvement District Account Swim Pool Operating Account Unemployment Trust Account Workers’ Compensation Account All disbursements for the accounts listed above shall be made by checks signed (or facsimile signatures) by any three of the following: the Mayor, Comptroller, and Treasurer, or Designees. B. It is understood that this Plan is not intended to cover certain funds and accounts of the Township of West Orange, specifically: Payroll Account All disbursements for the Payroll Account shall be made by checks signed by the Comptroller, Tax Collector, Business Administrator, or Mayor. III. DESIGNATION OF OFFICIALS OF THE TOWNSHIP OF WEST ORANGE AUTHORIZED TO MAKE DEPOSITS

oll Account shall be made by checks signed by the Comptroller, Tax Collector, Business Administrator, or Mayor. III. DESIGNATION OF OFFICIALS OF THE TOWNSHIP OF WEST ORANGE AUTHORIZED TO MAKE DEPOSITS AND INVESTMENTS UNDER THE PLAN. The Comptroller of the Township of West Orange (or Designee) (the “Designated Official”) is hereby authorized and directed to deposit and/or invest the funds referred to in the Plan. Prior to making any such Deposits or any Permitted Investments, such officials of the Township of West Orange are directed to supply to all depositories or any other parties with whom the Deposits or Permitted Investments are made a written copy of this Plan which shall be