2012 10 17 IAB MinutesINVESTMENT ADVISORY BOARD
MINUTES
SPECIAL MEETING
WEDNESDAY, OCTOBER 17. 2012
CALL TO ORDER
A special meeting of the La Quinta Investment Advisory Board was called to order
at 4:00 p.m. by Chairman Blum.
PRESENT: Board Members Donais, Mortenson, Blum and Park (4:03)
Spirtos
ABSENT: None
STAFF PRESENT: Finance Director, Robbeyn Bird and Senior Secretary, Vianka
Orrantia
PUBLIC COMMENT - None
CONFIRMATION OF AGENDA Confirmed
APPROVAL OF MINUTES
Motion - A motion was made by Board Members Spirtos /Mortenson to approve the
Minutes of September 12, 2012, as submitted. Motion passed unanimously.
CONSENT CALENDAR ITEMS
1. Transmittal of Treasury Report for August 2012
Ms. Bird presented and reviewed the staff report for the month of August 2012.
In response to Board Member Spirtos, Ms. Bird clarified that the decrease in the
LAIF fund balance was a result of a $25.3 million payment for the Coral Mountain
Apartments.
Board Member Mortenson suggested that the Board and staff consider extending
out investment maturities with an emphasis on the extension of CD maturities at
this time.
General discussion ensued amongst the Board and staff regarding the extension of
CD maturities.
INVESTMENT ADVISORY MINUTES 1 OCTOBER 17, 2012
SPECIAL MEETING
Motion - A motion was made by Board Members Spirtos /Mortenson to review,
receive and file the Treasurer's Report for August 2012, as submitted. Motion
passed unanimously.
- None
CORRESPONDENCE AND WRITTEN MATERIAL
1. Month End Cash Report - September 2012
Ms. Bird presented and reviewed the Month End Cash Report for September 2012.
Noted and Filed
2. Pooled Money Investment Board Reports - August 2012
Ms. Bird presented and reviewed the Pooled Money Investment Board Report for
August 2012.
Noted and Filed
BOARD MEMBER ITEMS
Board Member Spirtos advised the Board that on Sunday, November 11, 2012 at
1.1:00 a.m. the City will host a Veteran's tribute.
In response to Board Member Blum, Ms. Bird advised the Board that at this time
staff has not implemented any changes within the current reporting of financial
information and has no recommended changes to the investment policy.
Ms. Orrantia advised the Board of the upcoming changes to the Board's agenda
packets.
ADJOURNMENT
There being no further business, it was moved by Board Members
Mortenson /Spirtos to adjourn this meeting at 4:35 p.m. Motion passed
unanimously.
INVESTMENT ADVISORY MINUTES 2
SPECIAL MEETING
OCTOBER 17, 2012
City of La Ouinta, California