2016 02 11 IAB Minutes
INVESTMENT ADVISORY MINUTES 1 February 11, 2016
INVESTMENT ADVISORY BOARD
MINUTES
Wednesday, February 11, 2016
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 Park, Mortenson, Donais and Batavick
ABSENT: None
STAFF PRESENT: Finance Director Rita Conrad, and Management Assistant, Vianka
Orrantia
PUBLIC COMMENT - None
CONFIRMATION OF AGENDA - Confirmed
APPROVAL OF MINUTES
Approval of the Minutes of December 9, 2015
Motion A motion was made by Board Members Batavick/Park to approve the Minutes
of December 9, 2015 as submitted with a correction to the spelling of Board Member
Motion passed unanimously.
CONSENT CALENDAR ITEMS
1. Receive and File the Second Quarter Fiscal Year 2015-2016 Treasury and Pooled
Money Reports for October and November 2015
Motion A motion was made by Board Members Park/Batavick to receive and File the
Second Quarter Fiscal Year 2015-2016 Treasury and Pooled Money Reports for October
and November 2015.
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INVESTMENT ADVISORY MINUTES 2 February 11, 2016
BUSINESS SESSION
1. Consideration of Fiscal Year 2016-2017 Investment Policy and Work Plan Items
Mrs. Conrad advised the Board of the Auditors recommended change Appendix A
(Table) within the Investment Policy, with inconsistencies to the LAIF deposits, State
Maximum Allocations vs City Maximum Allocations. Currently the State has no limit
maximum; therefore the recommendation is to remove the 30% maximum allocation.
Board Member Mortenson recommended the following changes/deletions as follows:
PAGE 8: Column of Permissible Deposits and Investments
PAGE 10:
$1 per share
PAGE 11: Delete Negotiable Certificates of Deposit definition
PAGE 12:
market funds maintaining a par value of $1 per share.
Motion - It was moved by Board Members Batavick/Park to continue the review of the
2016/2017 Investment Policy and Work Plan Items. Motion carried unanimously
CORRESPONDENCE AND WRITTEN MATERIAL - None
BOARD MEMBER ITEMS- None
S ITEMS
1. Discussion of the Next Scheduled Meeting
Mrs. Conrad advised the Board that the next scheduled meeting is May 11, 2016. Mrs.
Conrad suggested that if Board required an additional review of the Investment Policy
and Work Plan a meeting should be scheduled either in March or April.
The Board at this time was advised of the upcoming joint meeting with all Boards and
Commissions and the City Council.
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INVESTMENT ADVISORY MINUTES 3 February 11, 2016
ADJOURNMENT
There being no further business, it was moved by Board Members Park/Donais to
adjourn this meeting at 4:48 p.m. Motion passed unanimously.
Respectfully submitted,
Vianka Orrantia, Management Assistant
City of La Quinta, California
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