2010 07 14 IAB MinutesINVESTMENT ADVISORY BOARD
MEETING
July 14, 2010
I. CALL TO ORDER
A regular meeting of the Investment Advisory Board was called to order at 4:00
p.m. by Chairperson Park followed by the Pledge of Allegiance.
PRESENT: Board Members Blum, Park, Rassi, and Spirtos
ABSENT: Board Member Mortenson
STAFF PRESENT: John Falconer, Finance Director and Angela Guereque, Senior
Secretary
II. APPOINTMENT OF OFFICERS
A. Appointment of Investment Advisory Board Chairperson
Member Spirtos nominated Member Park as Chairperson.
Motion - It was moved by Board Members Spirtos/Blum to elect Board Member
Park to serve as Chairperson for the Investment Advisory Board. Motion carried
unanimously.
B. Appointment of Investment Advisory Board Vice-Chairperson
Chairperson Park nominated Member Rassi as Vice-Chairperson
Motion - It was moved by Board Members Park/Blum to elect Board Member Rassi
to serve as Vice-Chairperson for the Investment Advisory Board. Motion carried
unanimously.
III. PUBLIC COMMENT -NONE
IV. CONFIRMATION OF AGENDA
Motion - It was moved by Board Members Spirtos/Blum to confirm the agenda.
Motion carried unanimously.
V. CONSENT CALENDAR
A. Approval of June 9, 2010 Minutes
Motion - It was moved by Board Members Rassi/Park to affirm the minutes of June
9, 2010. Motion carried unanimously.
Motion - It was moved by Board Members Spirtos/Rassi to approve the minutes as
submitted. Motion carried unanimously.
VI. BUSINESS SESSION
A. Transmittal of Treasury Report for May 2010
Mr. Falconer presented and reviewed the staff report for the month of May 2010,
advising the Board that the portfolio's balance ended at 5186.59 million, with an
increase of 53.15 million for the month. The increase was due to the receipt of
the second County of Riverside May property tax installment of 526.9 million less
a payment of the 523.5 million SERAF payment to the State of California.
Mr. Falconer also advised that the portfolio performance remained unchanged from
last month and ended at .48% for the month, with the pooled cash investments
yielding .52%. The portfolio yield should continue to stay at these levels for the
near future. At this time last year, the portfolio was yielding .84% which reflects
the current interest rate environment.
Mr. Falconer summarized the Treasurers Report for the new Board members along
with general questions and discussion by the Board in reference to the Treasurers
Report.
Motion - It was moved by Board Members Spirtos/Blum to review, receive, and file
the Treasurers Report for May 2010. Motion carried unanimously.
B. Consideration of Approval of Investment Advisory Board 2010-2011 Work Plan
Mr. Falconer presented and reviewed the staff report.
Chairperson Park suggested moving the item to the August meeting.
Member Spirtos suggested the item be looked at today.
Motion - It was moved by Board Members Spirtos/Rassi to review and approve the
2010-201 1 Work Plan items for consideration by the City Council. Motion carried
unanimously.
C. Meeting Schedule for Fiscal Year 2010-2011
Motion - It was moved by Board Members Park/Spirtos to approve the meeting
schedule of the Investment Advisory Board for Fiscal Year 2010-2011. Motion
carried unanimously.
D. LAIF Conference
Mr. Falconer presented and reviewed the staff report.
Chairperson Park suggested that the new members attend.
Member Blum stated he would like to attend and will get back with staff to
confirm.
Member Spirtos stated that she respectfully declined the invitation.
Motion - It was moved by Board Members Park/Spirtos to select up to two Board
Members on a first come basis to attend the LAIF Conference. Motion carried
unanimously.
VII. CORRESPONDENCE AND WRITTEN MATERIAL
A. Month End Cash Report -June 2010
Mr. Falconer presented and reviewed the staff report.
Noted and Filed
B. Pooled Money Investment Board Reports -April 2010
Mr. Falconer presented and reviewed the staff report.
Noted and Filed
C. Distribution of Investment Policies for Fiscal Year 2010-2011
Mr. Falconer presented and reviewed the staff report.
Noted and Filed
VIII. BOARD MEMBER ITEMS
The Board Members introduced themselves to each other.
Member Spirtos suggested business cards and a name tag for herself.
IX. ADJOURNMENT
It was moved by Members Blum/Spirtos to adjourn the Investment Advisory Board
meeting at 5:30 p.m. Motion carried unanimously.
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Angela Guereque
Community Services Senior Secretary