2014 04 09 IAB MinutesREPORT/INFORMATIONAL ITEM: 22
INVESTMENT ADVISORY BOARD
MINUTES
WEDNESDAY, APRIL 2014
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 Spirtos, Mortenson and Godbey
ABSENT: Board Members Donais and Park
STAFF PRESENT: Interim Finance Director, Patrick Griffin and Senior Secretary,
Vianka Orrantia
PUBLIC COMMENT - None
CONFIRMATION OF AGENDA— Confirmed
APPROVAL OF MINUTES
Approval of the Minutes of March 12, 2014
Motion — A motion was made by Board Members Spirtos/Godbey to approve the
Minutes of March 12, 2014 as submitted with a correction reflecting the Director's
Item being the first item of discussion followed by Business Session — Item 1.
Motion passed unanimously.
CONSENT CALENDAR ITEMS
1. Review and File Month End Cash Report, February 2014 and the Pooled Money
Investment Reports — February 2014
INVESTMENT ADVISORY MINUTES 1 April 9, 2014
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BUSINESS SESSION
1. Review and File Treasurer's Report for January 2014
Mr. Griffin presented and reviewed the staff report for the month of January 2014.
Board Member Mortenson recommended the following changes be made to the
Treasurer's Report as well as where referenced within the Investment Policy:
Page 3: Type of Investment Column - delete the following;
Medium Term Notes - TLGP
Money market funds regulated by the Securities and Exchange
Commission and whose portfolio Commission and whose portfolio
consists only of US Agent Securities maintaining a par value per
share of $1.
Page 4: City Cash & Investments Column - verification of unrealized gain:
Bank of New York - FNMA - $ 85,028
Bank of New York - FNMA - $0 75,990)
Mr. Griffin advised that staff would verify the unrealized gain and report back to
the Board.
In response to Board Member Godbey, Mr. Griffin clarified that referenced on page
3, "Pooled Cash" Investments refers to all investments.
Motion - A motion was made by Board Members Godbey/Spirtos to review and file
the Treasurer's Report for January 31, 2014. Motion passed unanimously.
2. Continued Consideration of Fiscal Year 2014/2015 Investment Policy and Work
Plan
Mr. Griffin advised that included in the Board's agenda packet was information
regarding CalTrust, a potential new investment instrument for the Board's
consideration.
General discussion ensued amongst the Board and staff regarding CalTrust; with
the follow-up items to be reported back to the Board:
INVESTMENT ADVISORY MINUTES 2 April 9, 2014
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Penalty of early withdrawal for the Medium -Term Fund; and
CalTrust performance for period May through July 2013.
Board Member Godbey suggested that in addition to CalTrust, staff also consider
Riverside County Pool.
Motion — A motion was made by Board Member Godbey/Spirtos to continue the
review of the Fiscal Year 2014/2015 Investment Policy and Work Plan. Motion
passed unanimously.
CORRESPONDENCE AND WRITTEN MATERIAL - None
BOARD MEMBER ITEMS
Board Member Spirtos advised the Board of the upcoming City events:
Easter Egg Hunt — Saturday, April 19, 2014 at 9:00 a.m. to 11:00 a.m. — La
Quinta Park
City of La Quinta 32"d Birthday — April 26, 2014 at 9:00 a.m. to 1:00 p.m. — La
Quinta Civic Park
La Quinta Document Shred Day — May 3, 2014 at 7:00 a.m. to 11:00 a.m. — La
Quinta City Hall North Parking lot
Mr. Griffin advised the Board that the new Finance Director, Rita Conrad will begin
employment on May 5, 2014.
ADJOURNMENT
There being no further business, it was moved by Board Members Godbey/Spirtos
to adjourn this meeting at 4:42 p.m. Motion passed unanimously.
Respectful ily su itt',
zry
ianka rrantia, Senior S retary
City La Quinta, California
INVESTMENT ADVISORY MINUTES 3 April 9, 2014
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