Loading...
1996 09 11 IAB Minutes INVESTMENT ADVISORY BOARD MINUTES September 11, 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 Chairwoman Brown, followed by the Pledge of Allegiance. PRESENT: Board Members Frame, Irwin, Osborne, Rodriguez, Sales and Chairwoman Brown - ABSENT: Board Member Lewis OTHER PRESENT: John Falconer, Finance Director, Geniene Croft, Financial Services Assistant and Debbie DeRenard, Secretary II CONFIRMATION OF AGENDA - Confirmed III PUBLIC COMMENT- N/A IV CONSENT CALENDAR' A. Approval of Minutes of Meeting on July 10, 1996 for the Investment Advisory Board. MOTION -It was moved by Board Members Sales/Irwin to approve the minutes of July 11, 1996. Motion carried unanimously. V BUSINESS SESSION Mr. Falconer introduced Geniene Croft advising the Board that she had competed and was successful in an open "internal" recruitment for the position, of Financial Services Assistant. He further advised that Ms. Croft will attend the Investment Advisory Board meeting if he is unable to. A. Transmittal of Treasury Report for June 30, 1996 and July 31, 1996 Mr. Falconer advised the Board that several changes were made to the format of the Treasurer's Report since the last report. Investment Advisory Board September 11, 1996 Minutes The Board reviewed the format of the Treasurer's Report and indicated that they would like to add/change the following: ADD - the Local Agency Investment Fund management fees to the Summary of Holdings page; · CHANGE'- Move the Unrealized Gain (Loss) and Accrued Interest column after the Original Book Value column on the Summary of Holdings page; · CHANGE - the order the individual reports are presented in the Treasurer's report as follows - Summary of Investment Activities, Authorized Investments and Diversification, Summary of Holdings and Reconciliation of Actual and Surplus Funds. In response to Board Member Sales, Mr. Falconer advised that these treasurer reports are complete reports that will be presented to the City Council. Staff will make the above changes to the Treasurers Report in future Treasury Reports. In addition, the Balance Sheet and Summary of Investment Activities changes that Board Member Sales indicated were made in the June Treasurer's Report. Board Member Sales questioned if this Treasurers Reports constitutes the requirement under the ordinance to provide the City Council with the Board activity. (This item was discussed further under Corespondence and Written Material- Item E) MOTION - It was moved by Board Members Sales/Osborne to Accept, Receive and File the June 30, 1996 and July 31, 1996 Treasury Report. Motion carried unanimously. VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report- July and August 1996 Noted and Filed. Investment Advisory Board September 11, 1996 Minutes B. Treasurer's Office Procedures The Board concurred on Staff having the Auditors review the procedures and bring this item back at the next meeting. C. Recently Adopted State Legislation Noted and Filed. D. LAIF Pooled Investment Board Report - June 1996 Noted and Filed. E. Work-plan for Fiscal Year 1996197 The Board concurred on placing the Investment Policy on the next agenda for review. In response to Chairwoman Brown, Mr Falconer advised that he will request an opinion from the City Attorney regarding what the requirements of the Investment Advisory Board are in reporting to the City Council. The Board concurred that Mr. Falconer will present Staffs opinion as to what the reporting requirements of the Board. The Board will review Staffs opinion and if the Board deems it necessary will refer to the City Attorney. Board Member Sales advised that he would like the Board to devise a "check off" list to use when reviewing financial reports. VII BOARD MEMBER COMMENTS Board Member Irwin advised that at the Board meeting in July a discussion was held regarding investing over a two year period. He indicated at the time he was not comfortable with seeing the City invest in instruments for two years. He advised that he has reviewed the two year investments - over a three year period, and feels a two year investment would not be that unattractive. Investment Advisory Board September 11, 1996 Minutes ADJOURNMENT MOTION - It was moved by Board Members Irwin/Sales to adjourn the meeting. Motion carried unanimously.