2014 10 08 IAB MinutesINVESTMENT ADVISORY BOARD
MINUTES
Wednesday, October 8, 2014
CALL TO ORDER
A regular meeting of the La Quinta Investment Advisory Board was called to order
at 4:06 p.m. by Chairperson Donais.
PRESENT: Board Members Park, Donais, Mortenson, and Godbey
ABSENT: Board Member Spirtos
STAFF PRESENT: Finance Director, Rita Conrad, and Senior Secretary, Vianka
Orrantia
PUBLIC COMMENT - None
CONFIRMATION OF AGENDA— Confirmed
APPROVAL OF MINUTES
Approval of the Minutes of September 10, 2014
Motion — A motion was made by Board Members Godbey/Mortenson to approve
the Minutes of September 10, 2014. Motion passed unanimously.,
CONSENT CALENDAR ITEMS
1. Review and File Treasurer's Report for August 30, 2014
Motion — A motion was made by Board Members Park/Mortenson to receive and
file the Treasurer's Report for August 30, 2014. Motion passed unanimously.
INVESTMENT ADVISORY MINUTES 1 October 8, 2014
147
2. Review and File Month End Cash Report, August 2014; and the Pooled Money
Investment Report — August 2014
BUSINESS SESSION
1 . Wells Fargo Business Session
Mrs. Conrad presented to the Board the Wells Fargo Banking Services proposal, in
addition to a handout with additional information summarizing the proposed savings
to the City.
General discussion ensued amongst the board and staff regarding the City's
request for a reduction of fees by 10% and banking fees paid by other Cities.
Motion — A motion was made by Board Members Mortenson/Park recommending to
City Council the approval of an amendment to the Wells Fargo Banking Service
Agreement that would lower fees by 10% and extending the existing contract for
two years. Motion passed unanimously.
CORRESPONDENCE AND WRITTEN MATERIAL - None
BOARD MEMBER ITEMS - None
DIRECTOR'S ITEMS:
1 . Continued Discussion of Reserve Policy per City Council's Request.
Mrs. Conrad presented a handout summarizing the City's General Fund Reserves.
ADJOURNMENT
There being no further business,
adjourn this eeting 56 P.M.
Respectfully- ub ltte'd,
Vianka , rrantia, Senior Sec tary
City of La Quinta, California
it was moved by Board Members Park/Godbey to
Motion passed unanimously.
INVESTMENT ADVISORY MINUTES
2
October 8, 2014
148