1999 12 13 IAB Minutes INVESTMENT ADVISORY BOARD
Meeting
December 8, 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 Osborne, followed by the Pledge of Allegiance.
PRESENT: Board Members Bulgrin, Irwin, Lewis, Olander and Vice-
Chair Mahfoud
ABSENT: Board Member Moulin and Chairman Osborne
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 on November 10, 1999 for the
Investment Advisory Board.
MOTION -It was moved by Board Members Lewis/Moulin to approve the
Minutes of November 10, 1999. Motion carried unanimously.
V BUSINESS SESSION
A. Transmittal of Treasury Report for October 1999
Mr. Falconer advised that a revised Treasurers Report has been given to
the Board. He further advised the correction was in the formulas, the
numbers changed very little. He further reviewed the report and.
explained the activities for the month.
Investment Advisory Board December 8, 1 999
Minutes
In response to Board Member Olander, Mr. Falconer advised that the
Investment Policy does not permit investments for more than two years.
He further advised that when the Investment Policy is reviewed each
year, Board Members can make suggested changes to the policy.
Board Member Lewis advised that the interest rates do not fluctuate that
much over two-years and investing for more than two years allows you
to take the risk of the market underperforming.
MOTION -It was moved by Board Members Irwin/Lewis to review,
receive and file the Treasurers Report for October 1999. Motion carried
unanimously.
VI CORRESPONDENCE AND WRITTEN MATERIAL
A. Month End Cash Report - November 1999
Noted and Filed.
B. Pooled Money Investment Board Reports - September 1999
In response to Vice Chairman Mahfoud, Mr. Falconer advised that if a
Board Member has a specific question, he will contact the State
Treasurer's Office or he can give the Board Member the contact name
and telephone number.
The Board discussed the number of investments that LAIF has in small
banks - questioning why they have moved in this direction.
Discussion continued with Mr. Falconer suggesting that he supply the
Board with a historical spreadsheet detailing investments in small
institutions. In response to Mr. Falconer, the Board clarified what banks
are considered a small financial institution and those considered large.
Discussion ensued with the Board not reaching a consensus on what
would be considered a small financial institution.
Investment Advisory Board December 8, 1999
Minutes
After further discussion, Vice Chairman Mahfoud suggested that Mr.
Falconer contact LAIF for their investment criteria regarding financial
institutions.
C. LAIF Answer Book update for September 30, 1999
Noted and Filed
VIII BOARD MEMBER ITEMS - None
IX ADJOURNMENT
MOTION -It was moved by Board Members Bulgrin/Lewis to adjourn the
meeting at 6:15 p.m.. Motion carried unanimously.
Submitted by,
Debbie DeRenard
Secretary