2015 05 13 IAB MinutesCALL TO ORDER
REPORTS AND I N FORMAT! ONAL I TEM:
INVESTMENT ADVISORY BOARD
MINUTES
Wednesday, May 13, 2015
A regular meeting of the La Quinta Investment Advisory Board was called to order at
4:03 p.m. by Chairperson Donais.
PRESENT: Board Members Spirtos, Donais, Mortenson
ABSENT: Boards Member Park and Godbey
STAFF PRESENT: Finance Director Rita Conrad, and Administrative Technician,
Vianka Orrantia
PUBLIC COMMENT - None
CONFIRMATION OF AGENDA - Confirmed
APPROVAL OF MINUTES
Approval of the Minutes of April 8, 2015
Motion - A motion was made by Board Members Mortenson/Spritos to approve the
Minutes of April 8, 2015. AYES: Board Members Mortenson and Spritos. NOES: None.
ABSENT: Board Members Park and Godbey ABSTAIN: Donais.
CONSENT CALENDAR ITEMS
1. Receive and File Treasurer's Reports for March 30, 2015 and the Pooled Money
Investment Board Report for March 2015
Mrs. Conrad presented and reviewed the Treasurers Reports for March 30, 2015 and
the Pooled Money Investment Board Report for March 2015 and reported the
following:
Mrs. Conrad informed the Board that a $20 million investment was called and the
funds were temporarily placed in LAIF. Due to the fact that the City is at its maximum
on permissible investments, Mrs. Conrad suggested to the Board that the monies be
INVESTMENT ADVISORY MINUTES 1 May 13, 2Q4
invested in CD's with a portion remaining in LAIF; or seek Board's direction for other
investments.
Motion - A motion was made by Board Members Mortenson/Spirtos to receive and file
the Treasurer's Report for March 30, 2015 and the Pooled Money Investment Board
Reports for March 2015. AYES: Board Members Mortenson, Spirtos, and Donais. NOES:
None. ABSENT: Board Members Park and Godbey ABSTAIN: None.
BUSINESS SESSION
1. Fiscal Year 2015/2016 Meeting Schedule
Mrs. Conrad presented the Fiscal Year 2015/2016 meeting schedule.
Mrs. Conrad advised at the April Investment Advisory Board meeting this item was
discussed amongst the Board, with Board Member Park suggesting the Board meet
every other month and Board Member Godbey agreeing to quarterly meetings. Mrs.
Conrad further advised that this item was discussed with both the City Clerk and City
Attorney, and they both advised that the Municipal Code does allow for meetings to
be held on a quarterly basis.
Mrs. Conrad suggested, due to the fact that Board Member Godbey will not be
reapplying to the Board, that a July meeting be held to introduce the new Board
member and familiarize them with the processes of the Board. The Board concurred.
Motion - A motion was made by Board Members Spirtos/Mortenson to approve the
2015/2016 Meeting Schedule with the Board agreeing to meet on a quarterly basis
and utilize the regular scheduled monthly dates on an as needed basis. AYES: Board
Members Mortenson, Spirtos and Donais. NOES: None. ABSENT: Board Member Park
and Godbey ABSTAIN: None.
CORRESPONDENCE AND WRITTEN MATERIAL - None
BOARD MEMBER ITEMS
Board Member Spirtos advised the Board of the survey (located in the La Quinta GEM)
seeking residents input on La Quinta Village Development.
Chairperson Donais advised the Board that the City will be forming a Finance Advising
Committee to explore revenue -raising options for the City.
INVESTMENT ADVISORY MINUTES 2 May 13, 2041,
DIRECTOR'S ITEMS
Mrs. Conrad advised the Board that at the next scheduled City Council meeting on May
19, 2015, the Proposed Budget and Police Services study will be presented.
ADJOURNMENT
There being no further business, it was moved by Board Members Spirtos/Mortenson to
adjourn this meeting at 4:26 p.m. Motion passed unanimously.
Respectfully submitted,
Vianka Orrantia, Administrative Technician
City of La Quinta, California
INVESTMENT ADVISORY MINUTES 3 May 13, 2Q4