HomeMy WebLinkAbout11-17-2022 IOC MinutesMinutes
Investment Oversight Committee
Thursday, November 17, 2022
Regular Meeting of the Investment Oversight Committee
CALL TO ORDER
A Regular meeting of the Investment Oversight Committee was called to order on Thursday,
November 17, 2022, at 3:05 p.m. in the Council Hearing Room at City Hall, 990 Palm Street, San
Luis Obispo, by Chair Elke.
ROLL CALL
Present: Committee Members Natalie Harnett, Derek Johnson, Anni Wang, and Chair
Elke. Committee member Debbie Malicoat joined at 3:30 pm
Absent: Committee Member Erica A. Stewart
Others Present: David Reeser, Sarah Meacham, and Monique Spyke, Managing Director for
PFM Asset Management LLC and Emily Jackson, incoming Finance Director.
PUBLIC COMMENT ITEMS NOT ON THE AGENDA
None
--End of Public Comment--
APPROVAL OF MINUTES
1.Review of Minutes of the Investment Oversight Committee Meeting of August 11, 2022
PUBLIC COMMENT
None
--End of Public Comment--
ACTION: UPON MOTION BY COMMITTEE MEMBER JOHNSON SECONDED BY
COMMITTEE MEMBER WANG CARRIED 4-0-2 (COMMITTEE MEMBER MALICOAT
AND STEWART ABSENT), to approve the August 11, 2022 minutes, as presented.
City of San Luis Obispo, Title, Subtitle
Minutes - Investment Oversight Committee Minutes of Thursday, November 17, 2022 Page 2
BUSINESS ITEMS
2.Presentation of the Quarterly Investment Report on Portfolio Performance & Economic
Outlook
Monique Spyke and David Reeser, for PFM Asset Management LLC, provided an update via
PowerPoint presentation and responded to Committee inquiries.
Public Comment
None
--End of Public Comment--
ACTION: UPON MOTION BY COMMITTEE MEMBER JOHNSON, SECONDED BY
COMMITTEE MEMBER HARNETT, CARRIED 5-0-1 (COMMITTEE MEMBER
STEWART) recommendation accept the report and adheres to the City’s policies.
COMMENT AND DISCUSSION
Chair Elke informed the committee that staff is reviewing diversification of the City’s assets by
investing in J.P. Morgan’s liquidity solution attached to the City’s banking environment, as well
as establishing an account with CAMP. The committee had previously reviewed CAMP and
approved the use of this short-term product. Both products currently produce better yields than
LAIF and will provide flexibility in investing short-term funds at a maximized yield.
Staff will further report out as to next steps.
ADJOURNMENT
The meeting was adjourned at 3:53 p.m. The next Regular Meeting of the Investment
Oversight Committee is scheduled for Thursday, February 8, 2023, at 3:00 p.m.
APPROVED BY INVESTMENT OVERSIGHT COMMITTEE: 03/27/2023