2004 10 13 IAB Minutes
INVESTMENT ADVISORY BOARD
Meeting
October 13, 2004
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 Lewis, followed by the Pledge of Allegiance.
PRESENT: Board Members Lewis, Olander, Moulin, and Mahfoud
ABSENT: Board Member Deniel
OTHERS PRESENT: John Falconer, Finance Director and Vianka Orrantia,
Secretary
II PUBLIC COMMENTS
III CONFIRMA TION OF AGENDA - Confirmed
IV CONSENT CALENDAR
A. Approval of Minutes of Meeting on July 14, 2004 for the Investment Advisory
Board.
MOTION - It was moved by Board Members Olander/Moulin to approve the
Minutes of September 16, 2004. Motion carried unanimously.
V. BUSINESS SESSION
A. Transmittal of Treasury Report for August 2004
Mr. Falconer informed the Board that as of August 31, 2004, the LAIF
balance is currently below $10 million, which places the percentage
below 5%.
In response to Board Member Moulin, Mr. Falconer also informed the
Board that on September 1 st, 2004 $8.5 million was wired to U.S. Bank
for a debt service payment.
Investment Advisory Board Ocotober 13, 2004
Minutes
MOTION - It was moved by Board Members Olander/Mahfoud to
approve, receive and file the Treasury Report for August 2004. Motion
carried unanimously.
VI CORRESPONDENCE AND WRITTEN MATERIAL
A. Month End Cash Report - September 2004
General comments were made by the Board in reference to the yield
curve, LAIF balances and comparable rates to short-term T -Bills.
Noted and Filed
B. Pooled Money Investment Board Reports - July 2004
General discussion was ensued amongst the Board on the reporting of
the outflow/inflow of proceeds into LAIF and LAIF balances. Mr.
Falconer advised the Board that he would research LAIF's website for
additional reports that might reflect breakdowns of these funds. Board
Member Olander suggested to Staff that this item might be discussed
at the upcoming LAIF Conference.
Noted and Filed
VIII BOARD MEMBER ITEMS
In response to Board Member Moulin, Mr. Falconer advised the Board that the
registration deadline date for the LAIF conference was October 15th.
General discussion ensued amongst the Board regarding Fannie Mae and their
accounting practices and the impact the current presidential election will have
on both Fannie Mae and Freddie Mac, along with the impact to the economy.
In response to Board Member Moulin, Mr. Falconer advised the Board that the
Investment Policy work plan will be taken back to Council for approval. Board
Member Moulin commented to the Board that the joint meeting with Council
was positive, Board Member Olander concurred.
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Investment Advisory Board Ocotober 13, 2004
Minutes
Chairman Lewis commented to the Board about the comments made by the City
Attorney, the use of a money manager and the possible affect it could have on
the City Treasurer.
In response to Board Member Moulin, Mr. Falconer informed the Board that the
audit is scheduled to go before the City Council the second week in November.
There were only 3 to 4 housekeeping items, none of which resulted in cash.
Staff has not received a draft from the auditors. Mr. Falconer also informed the
Board that Mr. Mike Harrison, of Conrad and Associates is scheduled to meet
with the Board in December.
VIII Adjournment
MOTION - It was moved by Board Members Olander/Moulin to adjourn the
meeting at 5:50 p.m. Motion carried unanimously.
.e~
Vianka Orrantia
Secretary
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