2012 11 14 IAB MinutesINVESTMENT ADVISORY BOARD
MINUTES
WEDNESDAY, NOVEMBER 14, 2012
CALL TO ORDER
A regular 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 Spirtos
ABSENT: Board Member Park
STAFF PRESENT: Finance Director, Robbeyn Bird and Senior Secretary, Vianka
Orrantia
PUBLIC COMMENT - None
CONFIRMATION OF AGENDA
Ms. Orrantia advised the Board of the two handouts, the first handout was a
revision to page 3 of the Treasurer's Report and the second was a handout from
First Empire with a list of Negotiable CDs (to be discussed under board member
items).
Motion - A motion was made by Board Members Mortenson /Donais to approve the
agenda, as amended. Motion passed unanimously.
APPROVAL OF MINUTES
Approval of the Minutes of October 17, 2012
Board Member Mortenson requested further clarification to page 1, Item 1 of
"Consent Calendar Items," third sentence to read:
Board Member Mortenson suggested that the Board and staff extend
maturities further out i �, n
Board Member Spirtos commented on the new format of the meeting minutes and
suggested that page 2, under "Board Member Items," second sentence now read:
INVESTMENT ADVISORY MINUTES 1 NOVEMBER 14, 2012
In response to Board Member Blum, Ms Bird advised the Board that � ""
staff d ,..,;t ,:. _ 5.
Motion - A motion was made by Board Members Mortenson /Donais to approve the
Minutes of October 17, 2012, as amended. Motion passed unanimously.
CONSENT CALENDAR ITEMS
1. Transmittal of Treasury Report for September 2012
Ms. Bird presented and reviewed the staff report for the month September 2012.
At this time the handout listing the Negotiable CDs was discussed.
Ms. Bird advised the Board that staff will be looking to invest in CDs with a
maturity not more than two years.
Board Member Mortenson reiterated what he has stated in previous meetings about
taking a portion of the portfolio to gain an increase in the City's portfolio.
Ms. Bird advised the Board that the banks listed in the handout are not located in
the State of California but are FDIC insured. She further advised that the list
consists of Callable and Non - Callable CDs, and advised that staff would consider
investing in Callable CDs due to their higher rate of return.
General discussion ensued amongst the Board regarding possible CD investment
terms, (i.e. 2 years, 3 years or 5 years).
In response to Board Member Blum, Ms. Bird advised that previously discussed in
prior meetings, that amount considered to invest in CDs was $5 million.
In response to Board Member Mortenson, Ms. Bird advised that the four point
increase in the portfolio (referenced in the Treasurer's Commentary) was due to the
rollover of investments into LAIF.
Board Member Mortenson suggested that staff also include. the future investment
of CDs within the Treasurer's Commentary.
Motion - A motion was made by Board Members Spirtos / Mortenson to review,
receive and file the Treasurer's Report for September 2012, as submitted. Motion
passed unanimously.
INVESTMENT ADVISORY MINUTES 2 NOVEMBER 14, 2012
BUSINESS SESSION - None
CORRESPONDENCE AND WRITTEN MATERIAL
1. Month End Cash Report - October 2012
Ms. Bird presented and reviewed the Month End Cash Report for the month of
October 2012.
2. Pooled Money Investment Board Report - September 2012
Ms. Bird Presented and reviewed the Pooled Money Investment Board Report.
BOARD MEMBER ITEMS
Ms. Bird advised that at the next scheduled meeting in December, Bryan Gruber of
Lance Soil & Lunghard will be in attendance to review the City's Comprehensive
Annual Financial Report.
Ms. Bird advised the Board that in the near future the financial reporting will be
changed at the request of the City Manager. Ms. Bird requested any changes
and /or suggestions from the Board.
Board Member Mortenson stated that the Pooled Money Report and LAIF Summary
report were similar in reporting the same financial information and could possibly be
combined into one report.
Ms. Orrantia advised the Board that the upcoming joint meeting scheduled for 5:00
p.m, on January 22, 2012 with the City Council and all boards /commissions.
ADJOURNMENT
There being no further business, it was moved by Board members
Spirtos /Mortensen to adjourn this meeting at 4:32 p.m. Motion passed
unanimously.
Resp tfully sub rtted
Vianka Orran ia, Senior S cretary
City of La Quinta, California
INVESTMENT ADVISORY MINUTES 3 NOVEMBER 14, 2012