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2010 10 13 IAB MinutesINVESTMENT ADVISORY BOARD MEETING October 13, 2010 CALL TO ORDER A regular meeting of the Investment Advisory Board was called to order at 4:00 p.m. by Chairman Park followed by the Pledge of Allegiance. PRESENT: Board Members Mortenson, Blum, Park, Spirtos and Rassi ABSENT: None STAFF PRESENT: John Falconer, Finance Director and Vianka Orrantia, Senior Secretary II. PUBLIC COMMENT -None III. CONFIRMATION OF AGENDA -Confirmed IV. CONSENT CALENDAR A. Approval of Minutes of Meeting on September 8, 2010 for the Investment Advisory Board MOTION - It was moved by Board Members Blum/Spirtos to approve the minutes of September 8, 2010. Motion carried unanimously. V. BUSINESS SESSION A. Transmittal of Treasury Report for August 2010 Mr. Falconer presented and reviewed the staff report for the month of August, advising the Board that the portfolio ended the month at $163 million with a decrease from the previous month by 517 million. The primary reason for the decrease in the portfolio was due to the following payments: pass through payments to other governments totaling 514 million, Sheriff Contract expenses totaling 51.3 million, the Col. Mitchell Paige field lighting totaling approximately 5364,000, the Cove Fire Station totaling 5245,000 and the Laguna de la Paz Sound wall at 5171,000. In response to Board Member Blum, Mr. Falconer advised that as a result of the City widening Washington Street, the Laguna de la Paz Sound wall was originally approved by the County of Riverside as a county paid project. Further discussion ensued amongst the Board regarding the Laguna de la Paz sound wall, in addition to discussion of the Col. Paige field lighting. In response to Board Member Spirtos, Mr. Falconer clarified the $1,830 bank fees. Mr. Falconer advised that the only investment activity for the month of August was a roll over of one CD. Mr. Falconer further advised that the current yields are at .50% with a slight deincrease from the previous year's yields at .61 %. The City's rates will increase slightly due to maturing investments. Mr. Falconer stated that he feels that 2011 will remain consistent with 2010 and there is talk of price deflation of the market. In response to Board Member Blum, Mr. Falconer clarified Project Areas 1 & 2 of the Redevelopment Agency. In response to Board Member Blum, Mr. Falconer clarified Assembly Bill 939 IAB 9391. In response to Board Member Blum, Mr. Falconer clarified the "Special Funds" revenue on page 8 of the report. In response to Board Member Spirtos, Mr. Falconer advised that upon the City Council's approval, the Board will be receiving a copy of the City's Comprehensive Annual Financial Report (CAPRI, which will include a breakdown of the "Special Funds." In response to Board Member Mortenson, Mr. Falconer advised that due to the fact that the policy states that the maximum maturity can only be extended from three to five years, anything beyond is not permissible. MOTION - It was moved Board Members Rassi/Blum to review, receive, and file the Treasurers Report for August 2010. Motion carried unanimously. 2 VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report -September 2010 Mr. Falconer summarized page 2 of the Month End Cash Report. Mr. Falconer advised that at the request of Board Member Spirtos, the cash flow sheet on page 13 was amended to reflect the accruals from the previous month. Noted and Filed B. Pooled Money Investment Board Reports -July 2010 Noted and Filed C. Joint City Council/IAB Meeting Chairman Park advised the Board of the scheduled joint meeting with the City Council on November 9, 2010. In addition, Chairman Park .advised of the upcoming ethics training available either through upcoming scheduled dates or via the Internet. In response to Board Member Spirtos, Mr. Falconer advised that the agenda for the joint meeting with the City Council are the upcoming Investment Advisory Board work plan items, and if the Board has any other suggested items, those items can be brought forth for discussion at the meeting. Noted and Filed VII BOARD MEMBER ITEMS -None VIII ADJOURNMENT It was moved by Board Members Blum/Spirtos to adjourn the Investment Advisory Board meeting at 4:40 p.m. Motion carried unanimously. SubnSitT .bjr. Vianka Orrantia Senior Secretary 3