HomeMy WebLinkAbout05-12-2016 IOC Minutes
Minutes
Investment Oversight Committee
Thursday, May 12, 2016
Regular Meeting of the Investment Oversight Committee
CALL TO ORDER
A Regular meeting of the Investment Oversight Committee was called to order on Thursday, May 12,
2016, at 1:30 p.m. in the Council Hearing Room at 990 Palm Street, San Luis Obispo, California, by
Chair Johnson.
ROLL CALL
Present: Committee Members Xenia Bradford; Jan Marx; Vilma Warner, and Chair
Derek Johnson
Absent: Committee Members Steve Barasch, and Katie Lichtig
Others Present: Al Eschenbach, Independent Auditor and ex-officio member, Sarah Meacham
and Charles Cook, PFM Asset Management LLC (City’s Investment Advisor);
Heather Goodwin, Deputy City Clerk
PUBLIC COMMENT ON ITEMS NOT ON THE AGENDA
None.
1. REVIEW OF INVESTMENT OVERSIGHT COMMITTEE MEETING MINUTES
OF FEBRUARY 25, 2016
ACTION: MOTION BY COMMITTEE MEMBER MARX, SECOND BY COMMITTEE
MEMBER WARNER, CARRIED 4-0-0-2, to approve the Investment Oversight Committee
Meeting minutes of February 25, 2016.
2. PRESENTATION OF THE QUARTERLY INVESTMENT REPORT ON
PORTFOLIO PERFORMANCE
Chair Johnson distributed the Quarterly Investment Report. City Investment Advisors Meacham
and Cook reviewed the contents of the report and summarized the portfolio’s performance.
Committee questions followed.
Public Comment:
None.
---End of Public Comment---
City of San Luis Obispo, Title, Subtitle
Minutes - Investment Oversight Committee Minutes of May 12, 2016 Page 2
Chair Johnson discussed Committee Member Barasch’s email entitled “May 12, 2016
Investment Oversight Committee Meeting Agenda Packet” and responded to Committee
inquiries. A copy of Committee Member Barasch’s document is included in the record.
ACTION: MOTION BY COMMITTEE MEMBER MARX, SECOND BY COMMITTEE
MEMBER BRADFORD, CARRIED 4-0-0-2, to confirm the Quarterly Investment Report
for the period ending March 31, 2016 is in compliance with the City’s Investment Policy.
3. DISCUSSION OF CASH FLOW AND CITY INVESTMENTS
Chair Johnson discussed the Cash Flow Analysis report.
Committee questions followed.
Public Comment:
Leslie Halls, San Luis Obispo, stated that she would like to see a better rate of return on the
City’s self-managed accounts and suggested that the City consider paying off long term debt.
---End of Public Comment---
Following discussion, the Committee received and filed the Cash Flow Analysis Report.
4. DISCUSSION OF INVESTMENT OVERSIGHT COMMITTEE CALENDAR
The Committee discussed moving the August 11, 2016 Investment Oversight Committee
meeting to maximize public participation, allow the Committee members to plan vacations,
and to reduce meeting absences.
Following discussion, Chair Johnson indicated that he would review Committee Members
schedules to determine the next meeting date and report back to the Committee Members of
said date.
5. ITEMS TO BE ADDRESSED AT A FUTURE MEETING
Discussion ensued regarding Committee Members brining forward recommendations for
discussion during future meetings.
Following discussion, the Committee agreed to not add any additional recommendations at
this time.
ADJOURNMENT
The meeting was adjourned at 2:13 p.m. to a date uncertain.
APPROVED BY INVESTMENT OVERSIGHT COMMITTEE: 08/16/2016