2017 03 27 IAB MinutesCONSENT CALENDAR ITEM NO. 1
Wilk INVESTMENT ADVISORY BOARD
MINUTES
Monday, March 27, 2017
CALL TO ORDER
A special meeting of the La Quinta Investment Advisory Board was called to order at
5:00 p.m. by Chairperson Batavick.
PRESENT: Board Members Johnson, Mills, Rosen, Turbow, and Chairperson
Batavick
ABSENT: None
STAFF PRESENT: Finance Director Karla Campos, Financial Services Analyst
Rosemary Hallick, Deputy City Clerk Monika Radeva and
Management Assistant Jessica Delgado
PLEDGE OF ALLEGIANCE
Board Member Rosen led the audience in the pledge of allegiance.
PUBLIC COMMENT - None
CONFIRMATION OF AGENDA - Confirmed
CONSENT CALENDAR ITEMS
Motion - A motion was made and seconded by Board Members Rosen/Mills to approve
the Minutes of February 15, 2017, as submitted. Motion passed unanimously.
BUSINESS SESSION
1. APPROVE FISCAL YEAR 2017/18 MEETING DATES
Finance Director Campos presented the staff report, which is on file in the Finance
Department.
Discussion followed regarding the Financial Advisory Commission expanded oversight
and responsibilities', meeting dates, and times.
Motion - A motion was made and seconded by Board Members Rosen/Mills to approve
fiscal year 2017/18 meeting dates as recommended. Motion passed unanimously.
INVESTMENT ADVISORY MINUTES 1 MARCH 27, 2017
SPECIAL MEETING
2. APPROVE FISCAL YEAR 2017/18 FINANCIAL ADVISORY COMMISSION WORK
PLAN
Finance Director Campos presented the staff report, which is on file in the Finance
Department.
Motion - A motion was made and seconded by Board Members Rosen/Johnson to
approve fiscal year 2017/18 Financial Advisory Commission Work Plan as
recommended. Motion passed unanimously.
3. APPROVE FISCAL YEAR 2017/18 INVESTMENT POLICY
Financial Analyst Hallick presented the staff report, which is on file in the Finance
Department.
The Board requested additional time to review the investment policy.
Motion - A motion was made and seconded by Board Members Batavick/Rosen to
continue this item until the next regularly scheduled Investment Advisory Board
meeting on May 10, 2017. Motion passed unanimously.
DEPARTMENT REPORTS
1. THIRD QUARTER 2016 (JULY - SEPTEMBER 2016) SALES TAX UPDATE FOR THE
CITY OF LA QUINTA
2. RULES AND PROCEDURE - COUNCIL, BOARDS AND COMMISSION MEETINGS
3. UPDATE ON REQUEST FOR PROPOSALS OF AUDITING SERVICES
4. UPDATE ON THE INVESTMENT ADVISORY BOARD EXPANSION AND RENAMING
5. UPDATE ON FISCAL YEAR 2017/18 BUDGET PROCESS (verbal)
Finance Director Campos gave a verbal update on the Mid -Year Budget Report and
noted a special meeting may be required in late April or early May for an update on
Measure G oversight, audit firm selection, cash flow analysis, and Investment Policy.
Finance Director Campos presented the anticipated timeline of Fiscal Year 2017/18
Budget review and approval.
The Board requested an opportunity to review the budget before it is presented to
Council for adoption at the June 20 Council meeting. Staff noted the Board has a
regular meeting scheduled for May 10, and could schedule special meetings as a
contingency for June 8 and/or 12.
INVESTMENT ADVISORY MINUTES 2 MARCH 27, 2017
SPECIAL MEETING
CORRESPONDENCE AND WRITTEN MATERIAL - None
BOARD MEMBERS' ITEMS - None
ADJOURNMENT
There being no further business, it was moved and seconded by Board Members
Rosen/Turbow to adjourn this meeting at 5:51 p.m. Motion passed unanimously.
Respectfully submitted,
Jessica Delgado, Management Assistant
City of La Quinta, California
INVESTMENT ADVISORY MINUTES 3 MARCH 27, 2017
SPECIAL MEETING