1999 03 10 IAB Minutes INVESTMENT ADVISORY BOARD
Meeting
March 10, 1999
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, Moulin(5:32), Osborne(5:35) and
Chairperson Irwin
ABSENT: Board Member Mahfoud
OTHERS PRESENT: John Falconer, Finance Director and Debbie DeRenard,
Secretary
II PUBLIC COMMENT - None
III CONFIRMATION OF AGENDA
Mr. F~elconer requested that Business Session Item C be changed to
Correspondence Item D.
MOTION - It was moved by Board Members Lewis/Brown to approve the
change. Motion carried unanimously.
IV CONSENT CALENDAR
A. Approval of Minutes of Meeting of February 10, 1999 for the Investment
Advisory Board.
MOTION - It was moved by Board Member Lewis to approve the minutes.
In response to Board Member Moulin, Board Member Lewis advised that
the fifth paragraph on Page 5 has been changed. The words "review
account statements and verifications" have been removed.
Seconded by Board Member Brown. Motion carried unanimously.
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Investment Advisory Board March 10, 1999
Minutes
V BUSINESS SESSION
A. Transmittal of Treasury Report for January 1999
Mr. Falconer presented and reviewed the staff report advising the Board
that the commercial paper investment matured in February. He advised
that an historic spread of the yields could be supplied to the Board.
Board Member Lewis advised that the Summary on page 5 - second table
lists the title in the first column as "Investments Sold" he advised that a
better heading would be "Investment Sold/Matured."
In response to Chairman Irwin, Mr. Falconer advised that the LAIF
balance has increased because of additional cash receipts and a higher
interest rate. These LAIF balances were within policy limits.
MOTION - It was moved by Board Members Lewis/Moulin to approve,
receive and file the Treasurer's Report for January 31, 1999. Motion
carried unanimously.
B. Fiscal Year 1999/00 Investment Policy
The Board reviewed the attached Investment Policy (Attachment No. 1)
and changes/additions/deletions are shown in amended form.
MOTION -It was moved by Board Members Lewis/Brown to continued
the 1999/00 Investment Policy. Motion carried unanimously.
VI CORRESPONDENCE AND WRITTEN MATERIAL
A. Month End Cash Report -January 1999
Noted and Filed.
B. Pooled Money Investment Board Reports - December 1998
Noted and Filed.
Investment Advisory Board March 10, 1999
Minutes
C. LAIF Answer Book Update
Noted and Filed
D. Upgrade Banking Software for Y2K
Noted and Filed
VII BOARD MEMBER ITEMS - None
VIII ADJOURNMENT
MOTION - It was moved by Board Members Moulin/Bulgrin to adjourn the
meeting at 7:55 P.M. Motion carried unanimously.
Submitted by:
Debbie DeRenard
Finance Secretary