2001 11 14 IABP.O. Box 1504
78-495 CALLE TAMPICO
LA QUINTA, CALIFORNIA 92253
(760) 777-7000
FAX (760) 777-7101
AGENDA
INVESTMENT ADVISORY BOARD
Study Session Room
78-495 Calle Tampico- La Quinta, CA 92253
November 14, 2001 - 5:30 P.M.
Board Member Felice(Video Conference Location) Cisco Systems
170 West Tasman Dr., Bldg. 17, San Jose, California, 95134
I CALL TO ORDER
a. Pledge of Allegiance
b. Roll Call
11 PUBLIC COMMENT- (This is the time set aside for public comment on any matter not scheduled on the agenda.)
III CONFIRMATION OF AGENDA
IV CONSENT CALENDAR
Approval of Minutes of Meeting on October 10, 2001 for the Investment
Advisory Board.
V BUSINESS SESSION
A. Transmittal of Treasury Report for September, 2001
VI CORRESPONDENCE AND WRITTEN MATERIAL
A. Month End Cash Report — October, 2001
B. City of La Quinta Special Meeting Minutes — September 25, 2001
VII BOARD MEMBER ITEMS
VIII ADJOURNMENT
1�0
INVESTMENT ADVISORY BOARD Business Session: A
Meeting Date: November 14, 2001
ITEM TITLE
Transmittal of Treasury Report
for September 30, 2001
BACKGROUND:
Attached please find the Treasury Report for September 30, 2001.
RECOMMENDATION:
Review, Receive and File the Treasury Report for September 30, 2001.
n M. Falconer, Finance Director
T a jbf°� ,�,auiHrw
MEMORANDUM
TO: La Quinta City Council
FROM: John M. Falconer, Finance Director/Treasurer
SUBJECT: Treasurer's Report for September 30, 2001
DATE: October 26, 2001
Attached is the Treasurer's Report for the month ending September 30, 2001. The report is submitted to
the City Council each month after a reconciliation of accounts is accomplished by the Finance Dept.
The following table summarizes the changes in investment types for the month:
Investment
Beginning_Purchased
Notes
Sold/Matured
Other
Ending
Change _
Cash
$11,449,801
(1)
($8,146,852)
$3,302,949
($8,146,852)
LAIF
$15,027,030
5,000,000
0
20,027,030
5,000,000
US Treasuries (2)
$51,995,326
(67,534)
51,927,792
(67,534)
US Gov't Agencies (2)
$12,936,265
8,000,000
(5,000,000)
(4,670)
15,931,595
2,995,330
Commercial Paper (2)
$0
0
0
Mutual Funds
$22,008,907
1
11,045,005
10,963,902
11,045,005
Total
$113 417 329
13 000 000
24 191 857
$72 204
102 153 268
Ktjj,264,Q61
I certify that this report accurately reflects all pooled investments and is in compliance with the California
Government Code; and is in conformity with the City Investment Policy.
As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated
revenues are available to meet the pools expenditure requirements for the next six months. the City of
La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and the Bank of New York
Monthly Custodian Report to determine the fair market value of investments at month end.
v
John Falconer Dat
Fina re Director/Treasurer
Footnote
(1) The amount reported represents the net increase (decrease) of deposits and withdrawals from
the previous month.
(2) The amount reported in the other column represents the amortization of premium/discount for the
month on US Treasury, Commercial Paper and Agency investments.
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CITY OF LA QUINTA
BALANCE SHEET 09/30/01
ASSETS:
CITY CITY RDA RDA FA
FIXED LONG TERM FIXED LONG TERM FINANCING LONG TERM GRAND
CITY ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL
POOLED CASH
8,970,693.80
13,372,466.48
103,252.57
22,446,412.85
LQRP INVESTMENT IN POOLED CASH
805,000.00
805,000.00
INVESTMENT T-BILL/NOTES & OTHER
33,480,000.00
33,480,000.00
AUTO MALL CASH
28,241.61
28,241.61
LQRP CASH
49,324.61
49,324.61
BOND REDEMPTION CASH
180,441.16
1,558.71
181,999.87
BOND RESERVE CASH
BOND PROJECT CASH
44,546,358.69
546,541.77
45,092,900.46
BOND ESCROW CASH
PETTY CASH
1,000.00
1,000.00
CASH & INVESTMENT TOTAL
42,479,9 5.41
58,95 ,590.94
651,353.05
102,084, 79.40
INVESTMENT IN LAND HELD FOR RESALE
ACCOUNTS RECEIVABLE
41,913.63
518,028.48
559,942.11
PREMIUM/DISCOUNT ON INVESTMENT
(73,050.52)
141,439.30
68,388.78
LQRP-ACCOUNTS RECEIVABLE
93,220.01
93,220.01
INTEREST RECEIVABLE
LOAN/NOTES RECEIVABLE
13,488,354.64
13,488,354.64
DUE FROM OTHER AGENCIES
373,434.01
373,434.01
DUE FROM OTHER AGENCIES - CVAG
2,299,096.69
2,299,096.69
CVAG ALLOWANCE
(2,299,096.69)
(2,299,096.69)
DUE FROM OTHER GOVERNMENTS
0.37
0.37
DUE FROM OTHER FUNDS
1,040,973.94
651,038.04
1,692,011.98
DUE FROM RDA
8,497,550.20
8,497,550.20
INTEREST ADVANCE -DUE FROM RDA
3,170,571.63
3,170,571.63
ADVANCES TO OTHER FUNDS
28,241.61
28,241.61
NSF CHECKS RECEIVABLE
3,326.01
3,326.01
ACCRUED REVENUE
833.40
833.40
FIXED ASSETS
20,711,742.00
20,711,742.00
ACCUMULATED DEPRECIATION
711,534.48
711,534.48
TRAVEL ADVANCES
4,459.00
4,459.00
EMPLOYEE ADVANCES
PREPAID EXPENSES
RECEIVABLE TOTAL
13,798,954.36 20,711,742.00
14,892,913.87
49,403,610.23
WORKER COMPENSATION DEPOSIT
RENT DEPOSITS
UTILITY DEPOSITS
75.00
75.00
MISC. DEPOSITS
2,100.00
2,100.00
DEPOSITS TOTAL
2,175.00
2,175.00
GENERAL FIXED ASSETS
9,988,279.05
9,988,279.05
ACCUMULATED DEPRECIATION
AMOUNT AVAILABLE TO RETIRE LIT DEBT
3,395,117.03
3,395,117.03
AMOUNT TO BE PROVIDED FOR L/T DEBT
951,847.65 80,866,860.97
7,750,000.00 89,568,708.62
TOTAL OTHER ASSETS
951,847.65 9,988,279.05 84,261,978.00
7,750,000.00 102,952,104.70
TOTAL ASSETS
56 281 064.77
20,711,742.00 951 847.65 73 846 504.81 9,988,279.05 84,261,978.00
651,353.05 7,750,000.00 254,442 769 33
LIABILITIES:
ACCOUNTS PAYABLE
13,741.33
13,741.33
DUE TO OTHER AGENCIES
607,764.53
730,884.66
1,338,649.09
DUE TO OTHER FUNDS
273,804.01
1,702,796.22
1,976,600.23
INTEREST ADVANCE -DUE TO CITY
11,383,537.00
11,383,537.00
ACCRUED EXPENSES
16,468.50
16,468.50
PAYROLL LIABILITIES
38,282.64
38,282.64
STRONG MOTION INSTRUMENTS
5,741.76
5,741.76
FRINGE TOED LIZARD FEES
78,981.50
78,981.50
SUSPENSE
(365.31)
(365.31)
DUE TO THE CITY OF LA QUINTA
28,241.61
28,241.61
PAYABLES TOTAL
1,046,192.07
13,833,686.28
14,879,878.35
ENGINEERING TRUST DEPOSITS
SO. COAST AIR QUALITY DEPOSITS
LQRP DEPOSITS
14,409.00
14,409.00
DEVELOPER DEPOSITS
880,798.73
880,798.73
MISC. DEPOSITS
439,198.65
439,198.65
AGENCY FUND DEPOSITS
1,421,796.51
1,421,796.51
TOTAL DEPOSITS
2,741,793.89 14,409.00
2,756,202.89
DEFERRED REVENUE 387,604.00 11,378,904.00 11,766,508.00
OTHER LIABILITIES TOTAL 387,604.00 11,378,904.00 11,766,508.00
COMPENSATED ABSENCES PAYABLE
373,536.65
373,536.65
DUE TO THE CITY OF LA QUINTA
578,311.00 189,725.50
768,036.50
DUE TO COUNTY OF RIVERSIDE
10,989,847.00
10,989,847.00
DUE TO C.V. UNIFIED SCHOOL DIST.
8,747,405.50
8,747,405.50
DUE TO DESERT SANDS SCHOOL DIST.
BONDS PAYABLE
64,335,000.00
7,750,000.00 72,085,000.00
TOTAL LONG TERM DEBT
951,847.65 84,261,978.00
7,750,000.00 92,963,825.65
TOTAL LIABILITIES 4,175,589.96 951,847.65 25,226,999.28 84,261,978.00 7,750,000.00 122,366,414.89
EQUITY -FUND BALANCE 52,105,474.81 20,711,742.00 48,619,505.53 9,988,279.05 651,353.05 132,076,354.44
TOTAL LIABILITY & EQUITY 56,281,064.77 20,711,742.00 951,847.65 73,846,504 81 9,988 279 05 84,261,978.00 651,353.05 7,750,000.00 254,442,269.33
CASH & INVESTMENT TOTAL 102,084,879.40
PREMIUM/DISCOUNT ON INVESTMENT 68 388.78
TOTAL 102,153,268.18
INVESTMENT ADVISORY BOARD Correspondence & Written
Material Item A
Meeting Date: November 14, 2001
TITLE:
Month End Cash Report — October 2001
BACKGROUND:
This cash report is not a complete Treasury Report (exclude petty cash, deferred
compensation and fiscal agent balances), but would report in a timely fashion
selected cash balances.
RECOMMENDATION:
Information item only.
JOrf M. Falconer, FJnance Director
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FRB:Commercial Paper Rates and Outstandings
http://www.federalreserve.gov/Releases/CP/
Federal Reserve Release
Release I About I Outstandings ( Historical discount rates I Historical outstandings I Year end
Data as of November 5, 2001
Commercial Paper Rates and Outstandings
Derived from data supplied by The Depository Trust Company
Posted November 6, 2001
Discount rates
Yield curve
Money market basis
1 7 15 30
we
Days to Maturity
Financial — -- Nonfinancial ..... A2/P2
Percent
3.1
3.0
2.9
2.8
2.7
2.6
2.5
2.4
2.3
2.2
2.1
2.0
M
Uliv
1 of 3 11/06/2001 8:29 AM
ERB:Commercial Paper Rates and Outstandings http://www.federalreserve.gov/Releases/CP/
Discount rate spread
Thirtv-dav A2/P2 less AA nonfinancial commercial saner (daily) Racis nnintc
1 t50
140
130
120
110
1 DD
t�
90
80
70
VV
40
I 30
20
10
01 JAN98 01 J UL98 01 JAN99 01 J UL99 01 JAN00 01 JULOO 01 JAN01 01 JUL01 01 JAN02
A2/P2 spread. 5—day moving average
Discount rate history
Thirty -day commercial paper (daily)
Percent
8
7
6
5
4
3
01 JAN98 01 JUL98 01 JAN99 01 JUL99 01 JANOO 01 JULOO 01 JAN01 01 J UL01 01 JAN02
— Financial — -- Nonfinancial -- A2/P2
Outstandings
Weekly (Wednesday), seasonally adjusted
Billions of dollars
Billions of dollars
vL4
2 of 3 11/06/2001 8:29 AM
FRB:Connmercial Paper Rates and Outstandings
http://www.federalreserve.gov/Releases/CP/
13D
120�
110ti
RIPIQ
W
360
350
340
330
320
310
3DD
290
280
270
260
2?
240
230
220
210
800
01 JAN98 01 JU L98 01 JAN99 01 JU L99 01 JAN00 01 JU LOD 01 JAN01 01 JU L01 01 JAN02
Fbandal — — — Nonfinandal
The daily commercial paper release will usually be available before 11:00am EST. However, the
Federal Reserve makes no guarantee regarding the timing of the daily commercial paper release.
When the Federal Reserve is closed on a business day, yields for the previous business day will
appear in the historical discount rates table. This policy is subject to change at any time without
notice.
Commercial paper outstanding
Commercial paper outstanding, miscellaneous cate o� ries
Volume Statistics 2001:Q3
Release I About I Outstandings I Historical discount rates I Historical outstandings I Year end
Home I Statistical releases
Accessibility
To comment on this site, please fill out our feedback form.
Last update: November 6, 2001
3 of 3 11/06/2001 8:29 AM
FRB: H.15--Selected Interested Rat ... nly Daily Update --November 2, 2001 http://www.federalreserve.gov/Releases/HI5/update/
0 * - r
H>5
Selected, Interest Rates (Day)
Release Date: November 2, 2001
Weekly release dates and announcements ( Historical data I About
Daily update Other formats: Screen reader I ASCII
The weekly release is posted on Monday. Daily updates of the weekly release are posted Tuesday
through Friday on this site.
H.15 DAILY UPDATE: WEB RELEASE ONLY
SELECTED INTEREST,RATES
Yields in percent per annum
Instruments
SELECTED INTEREST RATES
Federal funds (effective) 1 2 3
Commercial paper 3 4 5 6
Nonfinancial
1-month
2-month
3-month
Financial
1-month
2-month
3-month
CDs (secondary market) 3 7
1-month
3-month
6-month
Eurodollar deposits (London) 3 8
1-month
3-month
6-month
Bank prime loan 2 3 9
Discount window borrowing 2 10
U.S. Government securities
Treasury bills (secondary market) 3 4
4-week
3-month
6-month
Treasury constant maturities 11
1-month
3-month
6-month
1-year
2-year
3-year
5-year
For immediate release
November 2, 2001
Mon Tue Wed Thu
Oct 29 Oct 30 Oct 31 Nov 1
2.55
2.55
2.66
2.61
2.27
2.28
2.23
2.20
2.15
2.18
2.17
2.15
2.14
2.14
2.09
2.10
2.31
2.27
2.23
2.22
2.15
2.16
2.13
2.10
2.13
2.15
2.08
2.11
2.27
2.24
2.21
2.21
2.18
2.11
2.10
2.10
2.13
2.07
2.06
2.08
2.27
2.25
2.19
2.25
2.18
2.14
2.12
2.18
2.14
2.08
2.04
2.13
5.50
5.50
5.50
5.50
2.00
2.00
2.00
2.00
2.23
2.14
2.12
2.15
2.05
2.01
2.01
2.02
1.99
1.92
1.90
1.94
2.24
2.17
2.15
2.18
2.09
2.05
2.05
2.06
2.04
1.97
1.95
1.99
2.18
2.11
2.07
2.10
2.55
2.48
2.44
2.49
2.99
2.92
2.87
2.91
3.82
3.76
3.66
3.66
tltjt7
1 of 3 11/06/2001 8:30 AM
FRB: H.15--Selected Interested Rat ... nly Daily Update --November 2, 2001
http://www.federalreserve.gov/Releases/H 15/update/
7-year
10-year
20-year
30-year
Interest rate swaps 12
1-year
2-year
3-year
4-year
5-year
7-year
10-year
30-year
Corporate bonds
Moody's seasoned
Aaa
Baa
State & local bonds 13
Conventional mortgages 14
4.22
4.14
4.03
4.01
4.50
4.44
4.30
4.24
5.24
5.21
5.05
5.00
5.25
5.22
4.89
4.79
2.37
2.28
2.32
2.32
3.03
2.93
2.98
2.90
3.65
3.54
3.59
3.47
4.09
3.99
4.04
3.87
4.39
4.31
4.35
4.17
4.80
4.73
4.76
4.52
5.14
5.09
5.08
4.78
5.75
5.73
5.60
5.35
6.94
6.91
6.81
6.75
7.82
7.79
7.68
7.61
4.96
FOOTNOTES
1. The daily effective federal funds rate is a weighted average of rates
on brokered trades.
2. Weekly figures are averages of 7 calendar days ending on Wednesday of
the current week; monthly figures include each calendar day in the
month.
3. Annualized using a 360-day year or bank interest.
4. On a discount basis.
5. Interest rates interpolated from data on certain commercial paper
trades settled by The Depository Trust Company. The trades represent
sales of commercial paper by dealers or direct issuers to investors
(that is, the offer side). See Board's Commercial Paper Web pages
(http://www.federalreserve.gov/releases/cp) for more information.
6. The 1-, 2-, and 3-month rates are equivalent to the 30-, 60-, and
90-day dates reported on the Board's Commercial Paper Web page.
7. An average of dealer offering rates on nationally traded certificates
of deposit.
8. Bid rates for Eurodollar deposits collected around 9:30 a.m. Eastern time.
9. Rate posted by a majority of top 25 (by assets in domestic offices)
insured U.S.-chartered commercial banks. Prime is one of several base
rates used by banks to price short-term business loans.
10. Rate for the Federal Reserve Bank of New York.
11. Yields on actively traded issues adjusted to constant maturities.
Source: U.S. Treasury.
12. International Swaps and Derivatives Association (ISDA) mid -market
par swap rates. Rates are for a Fixed Rate Payer in return for
receiving three month LIBOR, and are based on rates collected at
11:00 a.m. by Garban Intercapital plc and published on Reuters
Page ISDAFIXI. Source: Reuters Limited.
13. Bond Buyer Index, general obligation, 20 years to maturity, mixed
quality; Thursday quotations.
14. Contract interest rates on commitments for fixed-rate first mortgages.
Source: FHLMC.
DESCRIPTION OF THE TREASURY CONSTANT MATURITY SERIES
Yields on Treasury securities at "constant maturity" are interpolated
by the U.S. Treasury from the daily yield curve. This curve, which
relates the yield on a security to its time to maturity, is based on
2 of 3 11/06/2001 8:30 AM
FRB: H.15--Selected Interested Rat ... nly Daily Update --November 2, 2001 http://www.federalreserve.gov/Releases/H15/update/
the closing market bid yields on actively traded Treasury securities in
the over-the-counter market. These market yields are calculated from
composites of quotations obtained by the Federal Reserve Bank of New
York. The constant maturity yield values are read from the yield curve
at fixed maturities, currently 3 and 6 months and 1, 2, 3, 5, 7, 10, 20,
and 30 years. This method provides a yield for a 10-year maturity, for
example, even if no outstanding security has exactly 10 years remaining
to maturity. In estimating the 20-year constant maturity, the Treasury
incorporates the prevailing market yield on an outstanding Treasury bond
with approximately 20 years remaining to maturity.
Weekly release dates and announcements I Historical data I About
Daily update Other formats: Screen reader I ASCII
Home I Statistical releases
Accessibility
To comment on this site, please fill out our feedback form.
Last update: November 2, 2001
3 of 3 11/06/2001 8:30 AM
LAIF Performance Report http://www.treasurer.ca.gov/laif/performance.htm
Philip Agelidea State Treasurer
Inside the State Treasurees ogee
Local Agency Investment Fund
LAW Performance Report
Reporting Date:
Effective Date:
Quarter Yield:
Daily:
Year:
Life:
Quarter Ending 9/30/01
Apportionment Rate:
Earnings Ratio:
Fair Value Factor:
Monthly Average For September:
Corporate
Boni
4.91
Commercial
Paper
20.08%
Time Dep
A W
10/31 /01
10/31 /01
3.78%
3.64%
4.30%
191
4.47%
.00012254784317284
1.004705758
4.288%
Pooled Money Investment Account
Portfolio Composition*
$48.9 Billion
09/30/01
Loans Treasuries
6.67% 10.49%
CD's1BN's
17.12%
rages
12%
Agencies
30.82
■ Treasuries
❑ Mortgages
® Agencies
■ CD's/BN's
Time Deposits
Bankers Acceptances
■ Repo
■ Commercial Paper
Corporate Bonds
* Loans
Reverses
*The PMIA portfolio does not hold any securities of PG&E or Southern California Edison.
(,'fIv9
1 of 2 11 /06/2001 8:31 AM
LAIF Performance Report http://www.treasurer.ca.gov/laif/performance.htm
Adobe PDF version of LAIF Performance.
Help with Adobe Acrobat PDF.
2 of 2 11 /06/2001 8:31 AM
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i J.
INVESTMENT ADVISORY BOARD
Meeting Date: November 14, 2001
TITLE:
City of La Quinta Special Meeting
Minutes - September 25, 2001
BACKGROUND:
Correspondence & Written
Material Item B
Attached, please find the Minutes of the September 25, 2001 joint City Council
Investment Advisory Board Minutes and the Department Report from the November
6, 2001 Council Meeting in which the Council reviewed the changes in the
investment practices, without comment.
RECOMMENDATION:
Informational item only.
La Quinta City Council
Special Meeting - September 25, 2001
Page 13�
Cou cil Member Henderson concurred and spoke regar ng the potential Historic
Prese vation District.
Commis " Irwin commented on the Com ssion's involvement with
archiving Xrtifacts found in the area. She stat the artifacts are currently
stored in a rtion of the project office trailer at ritz Burns Park. They hope to
have full use f the trailer for storage once the contractor moves out until the
museum is co leted. In response to Coun I Member Sniff she advised the
artifacts consist f animal bones, shards, cl pieces, etc.
In response to Counc Member Henderson, ommissioner Irwin stated a number
of things can be learn from the bone rtifacts such as "rabbit drives" that
took place during Native merican acti ity in the valley. She stated through
carbon dating, some of th finds dat back 1,650 years. She reported the
Commission has been appro hed by a Coachella Valley Archeology Society
to accept materials from other Iley mmunities but she felt the rules for such
a determination must be made b t City Council. She advised the artifacts
do not take up much room and no d the Fort Irwin curation facility houses a
20-year collection in one large roo
In response to Council Member Adolph, Planning Manager Christi di lorio,
advised the City has a volunteer who is w king to catalog the artifacts.
Council Member Sniff stated h felt there are peqple in the community who may
wish to place significant pie s of pottery in a s 'table facility.
Council Member Henders commented on a req\aasked
the General Plan
meeting for tribe represen ation on the Commission if the Historical
Society has been succes ful in their attempts to coate with the local
tribes. Commissioner Ir in responded the Agua Calve indicated some
interest because they I k a storage facility.
Council Member Sniff Asked at what point an item becomes hist rical, to which
Planning Manager di forio responded 50 years.
In response to Cou cil Member Sniff, Commissioner Irwin advised th rtifacts
are collected by ar heologists who then determine what should be kep efore
passing them along to the Historical Society.
Commissioner Puente said she felt storage space is very important to house the
growing collection.
La Quinta City Council
Special Meeting - September 25, 2001
Page 14
response to Council Member Sniff, Commissi r Irwin advised most of the
artifbv,,ts come from new developments.
Commission Sharp said he is I ning a great deal as a member of the
Commission an s a very sp al interest in the local Native American Tribes.
Council Member Sni k if there have been discoveries of other native tribes
in the La Quinta area o issioner Sharp responded the area was very quiet
and there was li activity to aw other native groups.
Th=egularly
cal Preservation Commissio as adjourned at 8:15 p.m. to their
ne scheduled meeting.
V11. 8:16 P.M. - Meeting iointly with the Investment Advisory Board
ROLL CALL:
PRESENT: Board Members Lewis, Moulin, Olander, Chairman Osborne
ABSENT: Board Members Felice, Mahfoud, Mitchell
1. DISCUSSION OF MATTERS OF JOINT INTEREST TO THE MEMBERS OF THE
CITY COUNCIL AND THE INVESTMENT ADVISORY BOARD.
Mayor Pena opened the joint meeting by expressing appreciation for the
performance of the Investment Advisory Board.
Council Member Sniff asked how the recent financial crisis has affected the
City's investments.
Board Member Moulin stated there has been some effect and asked the City
Treasurer to make a report on the events since September 11, 2001.
Finance Director/City Treasurer John Falconer reported the City was about to
invest $5 million of commercial paper on September 11 th when the tragedy
occurred but was unable to make the investments due to closure of the financial
institutions. He advised the City's access to funds was never in jeopardy
because LAW was open the following day and he made the investments the
following week when things began to get back to normal.
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La Quinta City Council
Special Meeting - September 25, 2001
Page 15
Council Member Sniff asked if there has been a significant loss of interest on
the City's investments, to which Finance Director Falconer responded they have
been plummeting.
Council Member Sniff asked what the prognosis is for an upward turn in the
relatively near future. Board Member Olander said he felt a reduction in the
interest rate by the Federal Government will help and he was encouraged by the
Valley's strong economic outlook.
Board Member Moulin noted the flexibility built into the City's Investment Policy
allowed alternative means for the City to retain liquidity. He felt the importance
of continuing with LAIF was also supported because they were the only
financial window open for a while.
Board Member Olander noted the program set up by the Board several months
ago to address financial emergencies worked very well during the recent
disaster.
Council Member Perkins spoke about his concerns with LAIF investments but
stated he feels the Investment Policy is well designed and he has no concerns
with it.
Council Member Henderson questioned that a LAIF percentage policy of up to
15% instead of 20% would have made any difference in the City's liquidity.
She also noted the reason she voted against the Investment Policy this year was
because she didn't support a LAIF percentage of 20% and her request for that
issue to be pulled for separate vote was not honored.
Mayor Pena stated he supported the increase in LAIF and was pleased it was
readily available had there been a need for it.
Council Member Henderson asked the Board to reconsider their position on
reducing their membership to five members and noted the other City
Commissions have been reduced to five members. Board Member Lewis
remarked the original Board was a five -member body.
Council Member Sniff stated he felt there's value in diversity and didn't see a
problem maintaining seven members on the Board. He also voiced his support
for the LAIF investment of up to 20%
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La Quinta City Council
Special Meeting - September 25, 2001
Page 16
Mayor Pena asked if any "red flags" came out of the recent situation that the
Board feels should be addressed in the Investment Policy. . 'Board Member
Olander noted there could have been a liquidity problem had the City's
investments been 100% in U. S. Treasuries.
Board Member Moulin noted U.S. Treasuries are the only investment backed by
the full force and faith of the U.S. Government. He further noted LAIF provides
the best yield and is the only investment source that allows deposits and
withdrawals in the same day. His only small concern with LAIF is their
investments in GSE's.
Board Member Olander agreed and said the GSE's are not supervised by the
Securities Exchange Commission.
Council Member Sniff complimented and thanked the City Manager and City
Treasurer for doing a good job keeping the City fiscally sound.
Council Member Perkins addressed the size of the Board and stated it has been
his experience that a five -member Board works best. His concern with LAIF is
that it's a political organization and he fears the State Government could raid
its funds as it did with PERS.
Chairman Osborne assured the Council that the Board keeps a close watch on
LAIF every month and that at least two Board Members attend the LAIF
meetings at the State Treasurers Conference.
Board Member Olander complimented Finance Director Falconer on the City's
financial audits and said they are the cleanest audits he has ever seen.
Finance Director Falconer referred to three items he would like to discuss with
the Board at the next Board meeting: increasing the fund transfer amount with
Wells Fargo; listing three people at the brokerage firms so at least two people
are available in the event of vacations or illness; and the addition of another
staff person in the "check and balance" process for wire transfers.
Council Member Henderson remarked that the bond investors in New York were
favorably impressed with the City's Investment Policy and the percentage
limitation on investments in LAIF.
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La Quinta City Council
Special Meeting - September 25, 2001
Page 17
It was moved by Board Members Lewis/Moulin to adjourn at 9:04 p.m. to the
next regularly scheduled meeting of the Investment Advisory Board. The motion
carried.
It was moved by Council Members Perkins/Sniff to adjourn the City Council
meeting to the next regularly scheduled meeting. The motion carried and the
meeting was adjourned at 9:06 p.m.
Respectfully submitted,
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June S. Greek, City Clerk
City of La Quinta, California
�V0
DEPARTMENT REPORT: q—A
CV
MEMORANDUM
TO: Honorable Mayor and
Members of the City Council
FROM: John Falconer, Finance Director/Treasurer
DATE: November 6, 2001
SUBJECT: Investment Practices Update
As a result of the recent discussions at the joint City Council/Investment
Advisory Board meeting on September 25, 2001, Staff has met with the
Investment Advisory Board to discuss changes in investment practices.
These changes were partially the result of the experiences encountered
during the second week of September immediately following September 11,
2001.
Staff is recommending, and the Investment Advisory Board unanimously
concurred at its October meeting, the following:
1. Lift the $6 million daily Wells Fargo wire limit;
• This $6 million amount was given to Wells Faro
9 g approximately six
years ago when the only City investments were with LAIF and the
portfolio was smaller. Now that the City has diversified its
portfolio, has increased its portfolio, and has added verification
internal accounting control to outgoing wires, the amount should
be increased.
2. Expand the brokers per firm to at least three;
• The City requires two bids per trade and has three firms who act
as broker/dealers. The City has at least one broker per firm;
however, expanding the number of brokers per firm to three will
make it easier to make investments.
3. Add the Financial Services Assistant to verify ongoing wires;
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Investment Practices Update
November 6, 2001
Page 2
• The AccountingManager is currently the only 9 Y y person authorized to
verify wires. In the event this person is not available, wires cannot
be sent. Adding another person, the Financial Services Assistant,
to verify wires will provide more flexibility.
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