2000 11 08 IAB Minutes INVESTMENT ADVISORY BOARD
Meeting
November 8, 2000
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 Chairman Osborne followed by the Pledge of Allegiance.
PRESENT: Board Members Filice(5:55), Irwin, Lewis(5:32), Moulin,
Olander and Chairman Osborne
ABSENT: Board Member Mahfoud
OTHERS PRESENT: John Falconer, Finance Director and Debbie DeRenard,
Secretary
,
II PUBLIC COMMENT- None
III CONFIRMATION OF AGENDA- Confirmed
IV CONSENT CALENDAR
1. Approval of Minutes of Meeting on October 11, 2000 for the Investment
Advisory Board.
MOTION - It was moved by Board Members Irwin/Moulin to approve the
Minutes of October 11, 2000. Motion carried unanimously.
V BUSINESS SESSION
A. Transmittal of Treasury Report for September 2000
Mr. Falconer presented the Treasurers Report and indicated that the City
had activity in the "sold and matured" column on Page 2.
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Investment Advisory Board November 8, 2000
Minutes
In response to Board Member Irwin, Mr. Falconer advised that he
purchased 1.5 million in GE Capital Commercial Paper. He further
advised that the spread comparison between commercial paper and 30
day treasuries was not available.
In response to Board Member Irwin, Mr. Falconer advised that in the
future, Staff will use the Wall Street Journal to provide the Board with
comparison information on investments and include in the other selected
financial data report under correspondence.
Chairman Osborne questioned the liquidity amount indicating that he
believes the "cash-on-hand" might be the lowest that it ever has been.
He further voiced some concern regarding the changes that have been
made to LAIF and how they may have hurt the City to a position that
$1.4 million might be a little short based upon the projected cash flows.
Board Member Irwin advised that the City has a working balance of $4.5
- $5 million.
Mr. Falconer advised that those figures are correct if the forecast goes
as projected. He further advised that if the City needs funds, Staff can
sell a maturity or draw funds on the fiscal agent accounts if appropriate.
Board Member Irwin advised that if there was a cash problem, it would
not bother him to have Staff sell an investment before maturity.
In response to Chairman Osborne, Board Member Irwin advised that an
investment could be sold at market value, usually there is no loss.
Mr. Falconer advised that he would try to sell an investment with a gain.
MOTION - It was moved by Board Members Irwin/Lewis to review,
receive and file the Treasurers Reports for September. Motion carried
unanimously.
Investment Advisory Board November 8, 2000
Minutes
VI CORRESPONDENCE AND WRITTEN MATERIAL
A. Month End Cash Report - October 2000
Noted and Filed
B. Pooled Money Investment Board Reports - August 2000
Noted and Filed
VII BOARD MEMBER ITEMS - None
VIII ADJOURNMENT
MOTION -It was moved by Board Members Moulin/Lewis to adjourn the meeting at
6:00 p.m. Motion carried unanimously.
Submitted by,
Debbie DeRenard
Secretary