1998 10 14 IAB Minutes INVESTMENT ADVISORY BOARD
Meeting
October 14, 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 Brown, Bulgrin, Lewis, Mahfoud, Moulin, Osborne and
Chairperson Irwin
ABSENT: None
OTHERS PRESENT: John Falconer, Finance Director and Debbie DeRenard,
Secretary
II PUBLIC COMMENT - None
III CONFIRMATION OF AGENDA- ,Confirmed
IV CONSENT CALENDAR
A. Approval of Minutes of Meeting of September 9, 1998 for the
Investment Advisory Board.
Board Member Moulin advised that "Others Present" was not listed in the
minutes.
MOTION - It was moved by Board Members Moulin/Osborne to approve
the minutes as modified. Motion carried unanimously.
V BUSINESS SESSION
A. Transmittal of Treasury Report for August 31, 1998
Mr. Falconer advised that the Money Market account has reached an
investment percentage rate of 17.7% with 2_0% the maximum. He
advised that he will monitor the investment to make sure that it doesn't
exceed the maximum investment percentage.
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Minutes
MOTION - It was moved by Board Members Brown/Moulin to approve,
receive and file the Treasurers Report for August 31, 1998.. Motion
carried unanimously.
VI CORRESPONDENCE AND WRITTEN MATERIAL
A. Month End Cash Report- September, 1998
Noted and Filed
B. Pooled Money Investment Reports o July 1998
Noted and Filed.
C. Year 2000 Update
Mr. Falconer presented the Staff Report advising that the City is in the
process of analyzing all applications that will be effected by the Year
2000. When the report is completed, it will be forward to the Board.
In response to the Board, he advised that he would furnish a copy of the
letter that will be sent to the vendors regarding the status of their Year
2000 compliance.
VII Board Member Items
In response to Board Member Moulin, Mr. Falconer advised that the Auditor will
be present at an upcoming meeting to answer any questions for the Board
regarding the year end audit.
In response to Chairman Irwin, Mr. Falconer advised that the City currently does
not have any investments in Commercial Paper. He further advised that the City
will receive funds in January that will need to be invested. In the past the City
has invested in GE Capital, American Express, Ford Motor Company and IBM.
Investment Advisory Board October 1 4, 1 998
Minutes
Mr. Falconer advised that the next Board meeting will fall on November 11,
1998 - a City Holiday.
MOTION - It was moved by the Board Members Lewis/Brown to reschedule the
Investment Advisory Board Meeting to November 18, 1998. Motion carried
unanimously.
VIII ADJOURNMENT
MOTION - It was moved by Board Members Lewis/Brown to adjourn the
meeting at 6:05 P.M.. Motion carried unanimously.