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1998 09 09 IAB Minutes INVESTMENT ADVISORY BOARD Meeting September 9, 1998 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 Chairperson Irwin, followed by the Pledge of Allegiance. PRESENT: Board Members Lewis, Mahfoud, Moulin, Osborne and Chairperson Irwin ABSENT: Board Member Brown and Bulgrin III CONFIRMATION OF AGENDA - Confirmed IV PUBLIC COMMENT None V CONSENT CALENDAR A. Approval of Minutes of Meeting of July 8, 1998 for the Investment Advisory Board. Chairman Irwin advised that the minutes have been modified to reflect a change to page 4, paragraph 4- the wording "Section 19" has been changed to "Section XIX." MOTION - It was moved by Board Members Moulin/Osborne to approve the minutes as modified. Motion carried unanimously. VI BUSINESS SESSION A. Transmittal of Treasury Report for June 30, 1998 and July 31, 1998 MOTION - It was moved by Board Members Lewis/Moulin to approve the Treasurers Report for June 30, 1998. Motion carried unanimously. Investment Advisory Board September 9, 1 998 Minutes In response to Board Member Osborne, Mr. Falconer advised that if no investments were made, the LAIF balance would remain as projected. He further advised that the forecast was requested by the Investment Advisory Board and is only a projected forecast. MOTION - It was moved by .Board Members Lewis/Osborne to approve the Treasurers Report for July 31, 1998. Motion carried unanimously. B. Review of Fiscal Year 1998/99 Investment Policy Mr. Falconer advised that after the discussion at the July Investment Advisory Board meeting the Investment Policy was agendized for this meeting. He advised that the Staff Report contains background information from Staff and Board Member Moulin and a proPoSed change to the meeting schedule. He further advised that he did not propose any changes to the investments due to the discussion at the July meeting. He believed that the Investment Policy has been working, although it can always be improved, and that any changes should come from the Board. Chairman Irwin advised that when this discussion was brought up at the last meeting, he was concerned about the language. He further advised that after he spoke with Mr. Falconer and together they traced the history he no longer has concerns regarding the policy. Mr. Falconer advised that Board Member Moulin's proposed revisions are attached for the Boards review. He further advised that the chart that was included in the packet could be integrated in the Investment Policy. The Board continued to discussed potential investment changes to the Investment Policy and it was decided that the changes could wait until the annual review of the 1999/00 Policy. MOTION - It was moved by Board Members Lewis/Mahfoud to table the discussion of the Investment Policy Review until the annual review of the policy. Motion carried unanimously. Investment Advisory Board September 9, 1998 Minutes VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report- August, 1998 Noted. B. Pooled Money Investment Reports - May & June 1998 Noted and Filed. VII Board Member Items In response to Board Member Osborne, Mr. Falconer advised that the City is preparing for the Year 2000. He further advised that he will bring a status report back to the Board at the next meeting. VIII ADJOURNMENT MOTION - It was moved by Board Members Lewis/Osborne to adjourn the meeting. Motion carried unanimously.