1994 01 12 IAB Minutes INVESTMENT ADVISORY BOARD
MINUTES
JANUARY 12, 1994
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 Gilreath, Sales, Wilson, and
Chairman Lewis
ABSENT: Board Member Brown
OTHERS PRESENT: Jim Woods, Interim Finance Director, Pam
LiCalsi, Personnel & Budget Manager and Debbie
DeRenard, Secretary
I. PUBLIC COMMENT - None
II. CONSENT CALENDAR
A. Approval of the Minutes from the meeting of December 8,
1993.
MOTION - It was moved by Board Members Wilson/Gilreath to
approve the minutes of December 8, 1993 as submitted.
Motion carried unanimously.
III. BUSINESS SESSION
A. Transmittal of Treasurer's Report Dated November 30,
1993.
Chairman Lewis stated that on page 3 of the Treasurers
Report, the Bank of the Desert money market account
interest rate is listed as N/A. He advised that Bank of
the Desert does pay interest on its money market accounts
and the interest rate at this time is 2.85%.
MOTION - It was moved by Board Members Gilreath/Sales to
receive and file the Treasurers Report Dated November 30,
1993. Motion carried unanimously.
IV. STUDY SESSION
A. Discussion of Investment Advisory Board representative to
attend City Council Meeting and present Investment
Advisory Board's Concerns/Questions about a City Council
Liaison and a Specific Task Outline.
Ms. LiCalsi advised that the Investment Advisory Board
had requested Council to appoint a liaison to assist in
clarify the role of the Board. When the request was
presented, Council's comment was to hear from a
representative of the Investment Advisory Board regarding
what the Board feels their issues are. At the last
Investment Advisory Board meeting the Board indicated
that they would reviewed their items of concern'and bring
them back for discussion.
Board Member Wilson suggested assisting the Council with
Assessment District funds.
Board Member Gilreath advised that she understood the
primary purpose of the Investment Advisory Board was to
act as a "watch dog".
Board Member Wilson stated that if the purpose was to act
as a "watch dog" that would be an important position, he
added that it may not be necessary to meet every month.
Board Member Sales advised that he understood the
original ordinance the same as Board Member Gilreath.
Discussion ensued with the following motion presented.
MOTION - It was moved by Board Member Wilson/Sales that
each member of the Board spend the next month analyzing
the mission of the Investment Advisory Board and come
back with a written document individually for discussion,
and a decision to be presented to Council. Motion
carried unanimously.
V. BOARD M~MBER COMMENTS
Chairman Lewis requested that the City's Cash Flow be placed
as a Study Session Item on the March Agenda.
VI. OTHER - None
VII. ADJOURNMENT
MOTION - It was moved by Board Members Wilson/Sales to adjourn
the meeting at 6:17. Motion carried unanimously.