1993 11 10 IAB Minutes INVESTMENT ADVISORY BOARD
MINUTES
November 10, 1993
The regular meeting of the La Quinta Investment Advisory Board was
called to order at the hour of 5:30 P.M. by Chairman Lewis,
followed by the Pledge. of Allegiance.
PRESENT: Board Members Brown, Gilreath, Wilson and
Chairman Lewis~
ABSENT: Board Member Sales
OTHERS PRESENT: John Risley, Accounting Supervisor and Debbie
DeRenard, Secretary
I. PUBLIC COMMENT - None
II. CONSENT CALENDAR
A. Approval of the Minutes from the Meeting of October 13,
1993.
MOTION - It was moved by Board Members Wilson/Gilreath to
approve the minutes of October 13, 1993 as submitted.
Motion carried unanimously.
III. BUSINESS SESSION
A. Transmittal of Treasurer's Report dated August 31, 1993.
In response to Board Member Wilson, Mr. Risley advised
that the Deferred Compensation Plan is a retirement plan
for the City employees. The employees can set aside a
portion of their salary (a maximum of $7500 per year) and
its tax deferred. The City receives quarterly statements
from ICMA and the financial statements, are revised
accordingly. The City does not have access to these
funds.
MOTION - It was moved by Board Members Gilreath/Brown to
approve the Treasurers Report dated August 31, 1993.
Motion carried unanimously.
B. Transmittal of Treasurer's Report dated September 30,
1993.
MOTION - It was moved by Board Members Brown/Wilson to
approve the Treasurer's Report dated September 30, 1993.
Motion carried unanimously.
C. Continued Consideration of request to have the La Quinta
City Council appoint an Investment Advisory Board Liaison
or provide a specific task outline.
Board Member Brown advised this was continued from the
October 13, 1993 meeting. She further advised that Mr.
O'Reilly did a good job in refining the memorandum.
MOTION - It was moved by Board Member Brown/Wilson to
approve the memorandum to request to have the La Quinta
City Council.appoint an Investment Advisory Board Liaison
or provide a specific task outline. Motion carried
unanimously.
IV. STUDY SESSION - None
V. OTHER - None
VI. ADJOURNMENT
MOTION - It was moved by Board Members Wilson/Brown to adjourn
the meeting. Motion carried unanimously.