1996 05 08 IAB Minutes INVESTMENT ADVISORY BOARD
MINUTES
May 8, 1996
I CALL TO ORDER
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, Frame, Irwin, Osborne, Rodriguez,
Sales and Chairman Lewis
ABSENT: None
OTHER PRESENT: John Falconer, Finance Director and Debbie DeRenard,
Secretary
II CONFIRMATION OF AGENDA
Mr. Falconer, Finance Director, advised that he would like to add a Memorandum
regarding Diversification as Information Item E and as referenced in Information
Item D - the Opinion letter by the City Attorney
MOTION -It was moved by Board Members Osborne/Brown to add the additional
information to Informational Item D; add Information Item No. E. Motion carried
unanimously.
III PUBLIC COMMENT- None
IV CONSENT CALENDAR
The Board discussed the type of minutes preferred and the Chairman called for
each Board Members opinion:
Board Member Rodriguez - Action
Board Member Osborne - Action
Board Member Sales - Undecided
Board Member Brown - Action
Board Member Irwin - Narrative
Board Member Frame - Action
Chairman Lewis - Action
1
Investment Advisory Board May 8, 1996
Minutes
Chairman Lewis advised that the format of the minutes will be placed on the July 10,
1996 agenda for format consideration.
A. Approval of Minutes of Special Meeting on March 28, 1~996 for the
Investment Advisory Board.
MOTION - It was moved by Board Members Sales/Brown to approve the
Minutes of March 28, 1996. Motion Carried Unanimously.
B. Approval of Minutes of Meeting of April 10, 1996 for the Investment
Advisory Board.
MOTION -It was moved by Board Members Brown/Sales to have staff bring
back the April 10, 1996 Investment Advisory Board minutes in the same
format as the previous minutes for approval at the June 12, 1996 meeting.
Motion carried unanimously.
V BUSINESS SESSION
A. Transmittal of Treasury Report for March 31, 1996.
MOTION - It was moved by Board Members Frame/Sales to accept, receive
and file the Treasury Report for March 31, 1996. Motion carried
unanimously.
C. Consideration of approval of Investment Policy for the City of La
Ouinta.
Action Item
Change the second paragraph, first sentence to read:
It is the policy of the City of La Quinta to invest all public funds in a manner
which will provide a diversified portfolio with the maximum security and the
highest investment return while meeting daily cash flow demands and in
conformity to all state and local statutes.
Action Item
Define total portfolio amount.
Investment Advisory Board May 8, 1996
Minutes
Action Items
Page 15 - Authorized Investments and Diversification
Have type of investment as first column.
Change Money Market mutual funds to 15% Maximum.
Provide schedule of surplus funds in future Treasurer Reports.
MOTION - It was moved by Board Members Sales/Frame to forward the
finalized draft to the City Manager and City Attorney and to continue the
discussion of the La Quinta Investment Policy until the May meeting. Motion
carried unanimously.
VI BOARD MEMBER COMMENTS - None
VII INFORMATIONAL ITEMS
A. Information regarding Sweep Bank Account
The Board requested more information regarding the Sweep Account and a
survey of Coachella Valley Cities as to whether or not they use Sweep
Accounts.
B. The Local Agency Investment Fund (LAIF) Answer Book.
Received and filed.
C. LAIF Pooled Money Investment Board Report - February 1996 and
March 31, 1996 Market Valuation
Received and filed.
D. City Attorney Opinion - Money Market Mutual Fund
Received and filed.
VII ADJOURNMENT
MOTION - It was moved by Board Member Frame/Sales to adjourn the meeting.
Motion carried unanimously.