2015 07 08 IAB MinutesREPORTS/INFORMATIONALITEM:
INVESTMENT ADVISORY BOARD
MINUTES
Wednesday,` July 8, 2015
CALL TO ORDER
A regular meeting of the La Quinta Investment Advisory Board was called to order at
4:01 p.m. by Chairperson Donais.
PRESENT: Board Members Mortenson (via teleconference), Donais, Park and
Batavick
ABSENT: None.
STAFF PRESENT: Finance Director Rita Conrad, and Administrative Technician,
Vianka Orrantia
APPOINTMENT OF OFFICERS
1. Appointment of Investment Advisory Board Chairperson
Chairperson Donais opened nominations for Chairperson, and nominated Board
Member Mortenson for the position of Chairperson.
With no other nominations, Chairperson Donais closed the nominations.
Board Member Mortenson was unanimously elected as Chair.
2. Appointment of Investment Advisory Board Vice -Chairperson
Board Member Park opened nominations for Vice -Chairperson and nominated Board
Member Donais for the position of Vice -Chairperson.
With no other nominations, Chairman Mortenson closed the nominations.
Board Member Donais was unanimously elected as Vice -Chair.
PUBLIC COMMENT - None
CONFIRMATION OF AGENDA- Confirmed.
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APPROVAL OF MINUTES
Approval of the Minutes of June 10, 2015
Motion - A motion was made and seconded by Board Members Donais/Park to
approve the Investment Advisory Board minutes of June 10, 2015 as submitted.
Motion passed unanimously.
CONSENT CALENDAR ITEMS
1. Receive and File Treasurer's Reports for May 31, 2015 and the Pooled Money
Investment Board Report for May 2015.
Mrs. Conrad presented and reviewed the Treasurer's Reports for May 31, 2015 and the
Pooled Money Investment Board Reports for May 2015.
Motion - A motion was made and seconded by Board Members Donais/Park to receive
and file the Treasurer's Report for May 31, 2015 and the Pooled Money Investment
Board Reports for May 2015; with a correction to the Treasurer's Commentary, listed
under "Cash Balances," second bullet point, FHLMC, should read FFCB. Motion passed
unanimously.
BUSINESS SESSION - None
CORRESPONDENCE AND WRITTEN MATERIAL - None
BOARD MEMBER ITEMS - None
DIRECTOR'S ITEMS
1. Update on Fiscal Year 2015/2016 Budget
Mrs. Conrad reviewed for the Board the outcome of the Reserve Study previously
conducted by the Board; and the City Councils final revisions. The Board
recommended the following to the City Council:
• Emergency Reserves (operating expenses) to be at 35%, plus $4 million;
• Cash Flow contingency at 8.2%.
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The City Council's final revisions as follows:
• Emergency Reserves to be a straight 40%;
• Cash Flow contingency at 10%.
Mrs. Conrad advised that there were no further actions on any other items.
In addition Mrs. Conrad reviewed the City's General Fund Reserves, the General Fund
Expenditure, the General Fund Revenues and the Capital Improvement Program for
the Board.
ADJOURNMENT
There being no further business, it was moved and seconded by Board Members
Batavick/Park adjourn at 4:42 p.m. Motion passed unanimously.
Respectfully submitted,
Vianka Orrantia, Administrative Technician
City of La Quinta, California
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