2014 05 14 IAB MinutesINVESTMENT ADVISORY BOARD
MINUTES
Wednesday, May 14, 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 Mortenson.
PRESENT: Board Members Donais, Mortenson, Spirtos and Park
ABSENT: Board Member Godbey
STAFF PRESENT: Finance Director, Rita Conrad, City Interim Finance Director,
Patrick Griffin, City Manager, Frank Spevacek, City Attorney,
Kathy Jenson (via teleconference) and Senior Secretary, Vianka
Orrantia
At this time Mr. Patrick Griffin introduced Mrs. Rita Conrad, the new Finance
Director to the City. Ms. Conrad gave a brief overview of her employment
background.
PUBLIC COMMENT - None
CONFIRMATION OF AGENDA— Confirmed
APPROVAL OF MINUTES
Approval of the Minutes of April 9, 2014
Motion — A motion was made by Board Members Spirtos/Mortenson to approve the
Minutes of March 12, 2014 as submitted with a correction reflecting Chairman
Mortenson calling the meeting to order. Motion passed unanimously.
CONSENT CALENDAR ITEMS
1. Review and File Month End Cash Report, March 2014 and the Pooled Money
Investment Reports — March 2014
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2. Response to Investment Advisory Board Question on January 2014
Treasurer's Report.
BUSINESS SESSION
1. Review and File Treasurer's Report for February 2014
Mr. Griffin presented and reviewed the staff report for the month of February
2014.
Motion - A motion was made by Board Members Spirtos/Donais to review and file
the Treasurer's Report for February 28, 2014. Motion passed unanimously.
2. Continued Consideration of Fiscal Year 2014/2015 Work Plan
Mr. Griffin presented the draft staff report outlining the Investment Advisory
Board's work plan for fiscal year 2014/2015.
Motion - A motion was made by Board Members Spirtos/Park to approve the
2014/2015 Investment Advisory Board Work Plan and proceed for final approval by
the City Council at the June 3, 2014. Motion passed unanimously.
3. Continued Consideration of Fiscal Year 2014/2015 Investment Policy
Mr. Griffin presented the 2014/2015 redlined Investment Policy for the Board's
consideration.
General discussion ensued amongst the Board and staff regarding the incorporation
of CalTrust and Riverside County Investment Fund. It was the consensus of the
Board to not include CalTrust and Riverside County Investment Fund to the
2014/2015 Investment Policy. It was agreed upon by the Board to add this item to
the 2014/2015 work plan to further investigate both investment instruments
clarifying fees and next day liquidity.
Motion - It was moved by Board Members Donais/Spirtos to approve the amended
2014/2015 Investment Policy, with the exclusion of Caltrust and Riverside County
Investment Fund, adding these items to the 2014/2015 Work Plan; and proceed for
final approval by the City Council at the June 3, 2014 meeting. Motion passed
unanimously.
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BOARD MEMBER ITEMS
Chairman Mortenson advised the Board that he would be out of town the next four
months, but would be participating in the board meetings via teleconference.
ADJOURNMENT
There being no further business, it was moved by Board Members Park/Donais to
adjourn this meeting at 4:52 p.m. Motion passed unanimously.
Repp'e"' y sm,..ed,....
Vian Orrantia, Senio Secretary
City of La Quinta, California
INVESTMENT ADVISORY MINUTES 3
May14, 2014
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