1998 11 18 IAB Minutes INVESTMENT ADVISORY BOARD
Meeting
November 18, 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, Lewis(5:34), Mahfoud, Moulin, Osborne and
Chairperson Irwin
ABSENT: Board Member Bulgrin
OTHERS PRESENT: John Falconer, Finance Director and Debbie DeRenard,
Secretary
II PUBLIC COMMENT - None
III CONFIRMATION OF AGENDA
Mr. Falconer added the Treasurers Report Memorandum that was not included
in the staff report.
IV CONSENT CALENDAR
A. Approval of Minutes of Meeting of October 14, 1998 for the Investment
Advisory Board.
MOTION - It was moved by Board Members Moulin/Brown to approve the
minutes. Motion carried unanimously.
V BUSINESS SESSION
A. Transmittal of Treasury Report for September 30, 1998
Mr. Falconer advised that the month of September had a large outflow
of cash due to debt service payments. The money market accounts are
Investment Advisory Board November 18, 1 998
Minutes
lower. He advised that the City reinvested some investments at the end
of October that is not reflected in the September report. The City
invested in Fannie Mae discounts for six months with a yield to maturity
of 4.90.
In response to Chairman Irwin, Mr. Falconer advised he usually saves
investments in commercial paper for the later part of January due to the
property tax monies that are received.
MOTION - It was moved by Board Members Lewis/Brown to approve,
receive and file the Treasurers Report for September 30, 1998. Motion
carried unanimously.
VI CORRESPONDENCE AND WRITTEN MATERIAL
A. Month End Cash Report - October, 1998
Noted and Filed
B. Pooled Money Investment Reports - August 1998
Noted and Filed.
C. Year 2000 Update
Mr. Falconer advised that as indicated at the last Investment Advisory
Board meeting a draft copy of the letter that will be sent to the vendors
regarding the status of Year 2000 compliance is included in the staff
report. He further advised that the City Council has asked for a monthly
update on the Y2K progress. This will be a department report that will
be submitted as an agenda item.
Mr. Falconer further advised that the City has a tape backup system in
place. Backup tapes are kept for a period of one (1) month - three (3)
weeks at the Senior Center and one (1) week at City Hall. The tapes are
rotated weekly.
Investment Advisory Board November 18, 19.98
Minutes
Board Member Moulin advised that he feels that the backup tapes are a
good plan. However, a better plan would be to have'a bigger space
between the Senior Center and City Hall. He further advised that he has
had clients that have used vaults within mountains for storage of data.
He advised that the distance between City Hall and the Senior Center
gives him discomfort.
Mr. Falconer advised that he would research an off-site location and bring
it back to the Board at a later date.
D. Fiscal Year 97/98 Legislative Update
Noted and Filed.
VII BOARD MEMBER ITEMS
After discussion, Chairman Irwin advised that the majority of the Board
chooses to have a meeting in December. Next meeting is scheduled for
December 9, 1998.
VIII ADJOURNMENT
MOTION - It was moved by Board Members Osborne/Lewis to adjourn the
meeting at 6'10 P.M.. Motion carried unanimously.
NEXT MEETING DECEMBER 9, 1998