HomeMy WebLinkAbout02-15-2024 IOC MinutesMinutes
Investment Oversight Committee
Thursday, February 15, 2024
Regular Meeting of the Investment Oversight Committee
CALL TO ORDER
A Regular meeting of the Investment Oversight Committee was called to order on Thursday,
February 15, 2024, at 3:20 p.m. in the Conference Room 6 at City Hall, 990 Palm Street,
San Luis Obispo, by Chair Jackson.
ROLL CALL
Present: Committee Members Derek Johnson, Riley Kuhn, Debbie Malicoat, Jan
Marx, Anni Wang, and Chair Emily Jackson
Absent:
Others Present: Monique S. Spyke, PFM Asset Management LLC, Sarah Walsh,
PFM Asset Management LLC, Justin Resuello PFM Asset
Management LLC, and Michelle Karpovich, Recording Secretary
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 November
9, 2023
PUBLIC COMMENT
None
--End of Public Comment--
ACTION FOR ITEM 1: UPON MOTION BY COMMITTEE MEMBER JOHNSON
SECONDED BY COMMITTEE MEMBER MALICOAT CARRIED 5-0-1 (COMMITTEE
MEMBER MARX ABSTAINED), to approve the November 9, 2023, minutes, as
presented.
City of San Luis Obispo, Title, Subtitle
Minutes - Investment Oversight Committee Minutes of Thursday, February 15, 2024 Page 2
BUSINESS ITEMS
2. Presentation of the Quarterly Investment Report on Portfolio Performance &
Economic Outlook
Monique Spyke, Sarah Walsh, and Justin Resuello for PFM Asset Management LLC
provided an update via PowerPoint presentation and responded to Committee inquiries.
3. Annual Review of City Investment Policy and Management Plan
Chair Jackson explained the Committee’s practice of annually reviewing and affirming
the City’s Investment Policy and Management Plan, and explained that in the course
of the FY 2022-23 audit, the City’s external auditor had identified that the Plan adopted
by the City Council 2020 did not incorporate changes previously approved by the City
Council in 2018. Chair Jackson noted that staff had since updated the Plan to
incorporate changes made in both 2018 and 2020 and that staff was seeking review
of the updated plan.
PUBLIC COMMENT
None
--End of Public Comment--
ACTION FOR ITEM 2: UPON MOTION BY COMMITTEE MEMBER JOHNSON,
SECONDED BY COMMITTEE MEMBER WANG, 6-0-0, to approve the recommendation
to accept the report.
ACTION FOR ITEM 3: UPON MOTION BY COMMITTEE MEMBER JOHNSON,
SECONDED BY COMMITTEE MEMBER MARX, 6-0-0, to receive and reaffirm the City’s
Investment Policy and Management Plan with minor administrative changes and provide
a memo to Council to inform them of the updates to the Plan.
COMMENT AND DISCUSSION
None
ADJOURNMENT
The meeting was adjourned at 4:04 p.m. The next Regular Meeting of the Investment
Oversight Committee is scheduled for Thursday, May 16, 2024 at 3:00 p.m.
APPROVED BY INVESTMENT OVERSIGHT COMMITTEE: 05/16/2024