HomeMy WebLinkAbout08-18-2016 IOC Minutes
Minutes
Investment Oversight Committee
Thursday, August 18, 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, August
18, 2016, at 1:32 p.m. in the Council Hearing Room at 990 Palm Street, San Luis Obispo, California,
by Chair Johnson.
ROLL CALL
Present: Committee Members Steve Barasch, Xenia Bradford; Katie Lichtig, Jan Marx;
Vilma Warner, and Chair Derek Johnson
Absent: None
Others Present: Al Eschenbach, Independent Auditor and ex-officio member, and Monique
Spyke, 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 MAY 12, 2016
ACTION: MOTION BY COMMITTEE MEMBER MARX, SECOND BY COMMITTEE
MEMBER WARNER, CARRIED (COMMITTEE MEMBERS BARASCH AND LICHTIG
ABSTAINING) 4-0-2, to approve the Investment Oversight Committee Meeting minutes of
May 12, 2016.
2. PRESENTATION OF THE QUARTERLY INVESTMENT REPORT ON
PORTFOLIO PERFORMANCE
Chair Johnson distributed the Quarterly Investment Report. City Investment Advisors Monique
Spyke reviewed the contents of the report and summarized the portfolio’s performance.
Committee questions followed.
Public Comment:
None.
City of San Luis Obispo, Title, Subtitle
Investment Oversight Committee Minutes of August 18, 2016 Page 2
---End of Public Comment---
ACTION: MOTION BY COMMITTEE MEMBER LICHTIG, SECOND BY
COMMITTEE MEMBER MARX, CARRIED 6-0, to confirm the Quarterly Investment
Report for the period ending June 30, 2016 is in compliance with the City’s Investment
Policy.
3. DISCUSSION OF CASH FLOW AND CITY INVESTMENTS
Chair Johnson provided an update to the City’s Cash Flow Analysis; reported that the City
transferred 18 million dollars to PFM; noted that the committee will continue to review the
overall cash on hand; stated that Committee Members Bradford and Warner will provide
updates to the City’s Cash Flow and Investments at future committee meetings.
Committee Member Barasch distributed hard copies of various newspaper articles, an email
from FIN Facts entitled “Weekly Financing News from George Smith Partners,” Capitol One
flyer, various financial charts, and an email from Nancy Campbell entitled “City of San Luis
Safety Plan Side Fund Amount and/or CalPERS link.”
Committee questions followed.
Public Comment:
None.
---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 the upcoming Investment Oversight Committee meeting dates.;
stated that staff sent out the schedule of committee meetings for 2017, noting that the next
committee meeting is scheduled for November 10, 2016.
Chair Johnson made several announcements related to the committee’s membership; stated
that Committee Member Warner is retiring with the City of San Luis Obispo on December
29, 2016; noted that his term as Interim Finance Director is ending. Stated that Committee
Member Bradford will be appointed as Interim Finance Director by the next Committee
meeting, highlighting that she serve as Chair at future Committee meetings.
5. ITEMS TO BE ADDRESSED AT A FUTURE MEETING
No discussion.
City of San Luis Obispo, Title, Subtitle
Investment Oversight Committee Minutes of August 18, 2016 Page 3
ADJOURNMENT
The meeting was adjourned at 2:26 pm.
APPROVED BY INVESTMENT OVERSIGHT COMMITTEE: 11/10/2016