1998 12 09 IAB Minutes INVESTMENT ADVISORY BOARD
Meeting
December 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 Bulgrin, Lewis, Mahfoud, Moulin, Osborne and
Chairperson Irwin
ABSENT: Board Member Brown
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 November 18, 1998 for the
Investment Advisory Board.
MOTION - It was moved by Board Members Lewis/Osborne to approve
the minutes. Motion carried unanimously.
V BUSINESS SESSION
A. Transmittal of Treasury Report for October 31, 1998
MOTION - It was moved by Board Members Moulin/Bulgrin to approve,
receive and file the Treasurers Report for October 31, 1998. Motion
carried unanimously.
Investment Advisory Board December 9, 1998
Minutes
VI CORRESPONDENCE AND WRITTEN MATERIAL
A. Month End Cash Report - November 1998
Noted and Filed.
B. Pooled Money Investment Reports - September 1998
Noted and Filed.
VII BOARD MEMBER ITEMS
Board Member Lewis advised that at the last meeting the Board requested
information on storage of the City's backup tapes and it's his feeling that this
is not an appropriate item for the Board.
Board Member Mahfoud advised that bond rates will be 4.5 - 5.5 percent for
two year treasury notes. It's his feelings that this might be an area for the City
to review for investments
Mr. Falconer advised that he would like the Board's comments on that.
Board Member Lewis advised that if we look at the agency paper rather than
treasury bills we wouldn't have to lengthen the maturity to pick up additional
yield.
Board Member Osborne advised that if we are going to change our investment
period and go out for a period longer than 2 years and rates continue to drop
than LAIF is going to be a big discussion in the future..
Mr. Falconer advised that he doesn't recommend investing more than two.
years.
Board Member Osborne questioned if the current investments go below 5% and
LAIF is still at 5.4 - 5.6 we are going to have to review our LAIF balances.
Investment Advisory Board December 9, 1998
Minutes
Discussion continued with Mr. Falconer advising that he would produce a staff
report that advises the Board of future maturing investments. He advised that
the staff report would be informational only.
The Board concurred on the report.
Mr. Falconer advised that Mr. Ken Al-Imam would be present at the January
meeting to answer any questions regarding the 1997/98 Audited Financial
Statement.
VIII ADJOURNMENT
MOTION - It was moved by Board Members Lewis/Mahfoud to adjourn the
meeting at 6:05 P.M.. Motion carried unanimously.
NEXT MEETING JANUARY 13, 1998