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1998 01 14 IAB Minutes INVESTMENT ADVISORY BOARD Meeting January 14, 1998 I CAll TO ORnFR Regular meeting of the La Quinta Investment Advisory Board was called to order at the hour of 5:30 P.M. by Chairman Sales, followed by the Pledge of Allegiance. PRESENT: Board Members Bulgrin, Frame, Irwin, Lewis, Osborne and Chairman Sales ABSENT: Board Member Brown OTHER PRESENT: John Falconer, Finance Director and Debbie DeRenard, Secretary II CONFIRMATION C~F' AnI=NnA - Confirmed III PUBI lC CnMMFNT - None IV CONRFNT CAI FNnAR A. Approval of Minutes of Meeting on November 12, 1997 for the Investment Advisory Board. Board Member Frame advised that on Page 2 of the Minutes, second paragraph should read: Board Member Frame advised that for ~ ¢ 1 $.00 dollars per year the City can receive a Federal HR417 that is distributed weekly." MOTION - It was moved by Board Members Lewis/Frame to approve the Investment Advisory Board minutes of November 12, 1997 as corrected. Motion carried unanimously. Investment Advisory Board January 14, 1998 Minutes V. RUSINFS-~ SF.~RION A. Transmittal of Treasury Report for October, 1997 and November, 1997. In response to Chairman Sales, Mr. Falconer reviewed and explained the detail of the Treasury Report for new Board Member Bulgrin. In response to Board Member Frame, Mr. Falconer advised that currently the Treasury Report list the current yield. He advised that staff could change the column on page 12 from the Current Yield to the Yield and Maturity. The Board concurred on the change. MOTION - It was moved by Board Members Osborne/Lewis to approve, received and file the Treasury Report for October, 1997 and November, 1997. Motion carried unanimously. VI. CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report- November, 1997 and December 1997 Receive and File .B. Pooled Money Investment Board Reports- September 1997 and October 1997 Receive and File C. Treasurer's Report from Desert Hot Springs, Rancho Mirage, Cathedral City, Indio, Indian Wells, Palm Springs, and Palm Desert Receive and File Investment Advisory Board January 14, 1998 Minutes VII. BOARD MEMBER ITEMS A. Next Meeting Date In response to Chairman Sales, Board Member Irwin advised that the Investment Advisory Board agreed that they would vote each month on whether to have. a meeting the following month. He further advised'that the Board was appointed by the City Council to act as a "watch dog" and that its his feelings that the Board should meet every month to review the Staff Reports presented. He advised that he agreed to not meeting in August and December, but that it's his feelings that the group has a obligation. Chairman Sales advised that the Board isn't trying to micro-manage the Finance Department and its his feeling that the Board has come a long way since the first meeting in 1993. He further advised that he feels comfortable with the accomplishments, and the goal of the Board was to meet quarterly. Board Member Lewis suggested that even if the Board doesn't meet monthly, the Agenda packets could still be distributed on a monthly basis. If there are questions on the packets, the Board could meet. The Board concurred that in order to follow the Brown Act, Board Member Lewis' suggestions wouldn't be feasible. Board Member Frame advised it was his idea to decide at each meeting whether to have a meeting the following month. He further advised that he doesn't have a problem with meeting every other month and he doesn't feel that the Board is shirking their duties. In response to Board Member Irwin, Board Member Lewis advised that he would prefer the City Council express their opinions directly to the Board. Discussion continued with Chairman Sales advising that the Board would continue to meet monthly, and that in the future the Board coUld go before the City Council regarding the meeting schedule. Investment Advisory Board January 14, 1998 Minutes Mr. Falconer advised that the City Council will be going through a review of the Boards/Commissions and one of the issues might be the meeting schedules. Chairman Sales advised that he would prefer to see the financial reports reported quarterly versus a monthly basis. Mr. Falconer advised that the Board would need to discuss the change from a monthly basis to a quarterly basis and give the Finance Department direction. Board Member Bulgrin advised that the issue of quarterly versus monthly would be between the Investment Advisory Board and the City Council.. The Board welcomed Board member Bulgrin to the Investment Advisory Board. VIII. Ar3JOURNMI::NT MOTION - It was moved by Board Members Lewis/Frame to adjourn the meeting at 6:45 PM. Motion carried unanimously.