2011 07 13 IAB MinutesINVESTMENT ADVISORY BOARD
MEETING
July 13, 2011
I. CALL TO ORDER
Regular meeting of the La Quinta Investment Advisory Board was called to
order at the hour of 4:00 p.m. by Vice - Chairperson Spirtos followed by the
Pledge of Allegiance.
PRESENT: Board Members Blum, Spirtos and Donais
ABSENT: Board Members Mortenson and Park
OTHERS PRESENT: John Falconer, Finance Director, and Vianka
Orrantia, Senior Secretary
II APPOINTMENT OF OFFICERS
A. Appointment of Investment Advisory Board Chairperson
Vice - Chairperson Spirtos opened nominations for Chairperson.
Board Member Blum nominated Board Member Spirtos for the
position of Chairperson.
With no other nominations, Board Member Blum closed the
nominations.
VOTE: All Ayes
B. Appointment of Investment Advisory Board Vice - Chairperson
Chairperson Spirtos opened nominations for Vice - Chairperson.
Board Member Blum nominated Board Member Mortenson as
Vice- Chairperson.
Chairperson Spirtos nominated Board Member Blum as Vice -
Chairperson.
With no other nominations, Chairperson Spirtos closed the
nominations.
VOTE: 2 Ayes - Board Member Blum
1 Aye - Board Member Mortenson
III PUBLIC COMMENT - None
IV CONFIRMATION OF AGENDA - Confirmed
V CONSENT CALENDAR
A. Approval of Minutes of Meeting on June 8, 2011 for the Investment
Advisory Board
Mr. Falconer advised the Board of the handout, a revision to page 2 of
the meeting minutes with a change in the motion to read:
It was moved by Board Members Spirtos / Mortenson to review,
receive, and file the Treasurers Report for MaF8h �'
P ,.; 2011.
MOTION — It was moved by Board Members Blum / Spirtos to approve
the Minutes of June 8, 2011 as amended. Motion carried
unanimously.
VI. BUSINESS SESSION
A. Transmittal of Treasury Report for May 2011
Mr. Falconer presented and reviewed the staff report for the month of
May.
General discussion ensued amongst the Board regarding the various
Capital Improvement Projects, (Village Land acquisition, Coral
Mountain Apartment project and the Eisenhower Drive synchronization
project).
In response to Board Member Spirtos, Mr. Falconer defined the
acronym of "SERAF ", Supplemental Educational Relief Augmentation
Fund.
Mr. Falconer advised that due to the passing of the State budget, staff
presented the City Council with the Rabobank proposal in July in lieu
of an alternative to LAIF, therefore reducing the LAIF account to a
K
minimum in the event there is a need to withdraw the City's money
from the pooled account as well as diversifying the City's portfolio.
Mr. Falconer advised that the portfolio ended the month at .41 % with
the pooled cash investments ending at .48 %.
General discussion ensued amongst the Board regarding the possible
elimination of the Redevelopment Agencies and its impact to local
level government agencies, as well as a general discussion of the
possible alternative to continue as a Redevelopment Agency and the
required payments to the state.
In response to Board Member Spirtos, Mr. Falconer advised that funds
for the improvements for the Washington Street Apartments were
allocated through the City's capital improvement projects, in addition
to the 2004 bond proceeds and possible tax credits.
MOTION - It was moved by Board Members Donais /Blum to review,
receive, and file the Treasurers Report for May 2011. Motion carried
unanimously.
B. FY 2011/2012 Meeting Schedule
Mr. Falconer presented the FY 2011/2012 Meeting Schedule to the
Board.
Board Member Blum suggested that the Board go dark in the month of
August. Board concurred.
MOTION - It was moved by Board Members Blum / Sprrtos to accept
the FY 2011/2012 Meeting Schedule with the Board going dark in the
month of August. Motion carried unanimously.
VI. CORRESPONDENCE AND WRITTEN MATERIAL
A. Month End Cash Report - June 2011
Mr. Falconer presented and reviewed the Month End Cash Report for
June 2011.
Noted and Filed
3
B. Pooled Money Investment Board Reports — April 2011
Mr. Falconer presented and reviewed the Pooled Money Investment
Board Reports for April 2011.
Noted and Filed
C. Distribution of Investment Policies for Fiscal Year 2011/2012
Mr. Falconer presented the Fiscal Year 2011/2012 Investment Policy.
Mr. Falconer advised the Board that the change requested by Board
Member Mortenson clarifying the U.S. Treasury Bills maximum
maturity of one year was not incorporated into the investment policy.
Mr. Falconer suggested that the Board either make the change to the
policy and summit for Council approval or add as a work plan item for
the upcoming fiscal year 2011/2012.
The Board agreed to add as a work plan item for the upcoming fiscal
year 2011/2012.
Noted and Filed
VII. BOARD MEMBER ITEMS
Board Member Spirtos suggested that a contact list of all Board
members be distributed amongst the Board.
VIII. ADJOURNMENT
MOTION — It was moved by Board Members Blum /Donais to adjourn the
meeting at 5:08 p.m. Motion carried unanimously.
Su e y
�v
Vianka Orrantia
Senior Secretary
0