HomeMy WebLinkAbout11-10-2016 IOC Minutes
Minutes
Investment Oversight Committee
Thursday, November 10, 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,
November 10, 2016, at 1:37 p.m. in the Council Hearing Room at 990 Palm Street, San Luis
Obispo, California, by Chair Bradford.
ROLL CALL
Present: Committee Members Steve Barasch, Derek Johnson, Vilma Warner, and Chair
Xenia Bradford
Absent: Mayor Marx, City Manager Lichtig
Others Present: Al Eschenbach, Independent Auditor and ex-officio member, and Monique
Spyke, PFM Asset Management LLC (City’s Investment Advisor); Kevin
Christian, Recording Secretary
PUBLIC COMMENT ON ITEMS NOT ON THE AGENDA
Leslie Halls, San Luis Obispo, expressed opinion that the committee is doing a great job based on
the rate of return on investments. Questioned where the City’s invests its money.
1. REVIEW OF INVESTMENT OVERSIGHT COMMITTEE MEETING MINUTES
OF AUGUST 18, 2016
Committee Member Barasch requested clarification on the scope and purpose of the
committee, noting that he had raised the question at the August 18, 2016 committee meeting.
In response to committee inquiry, Independent Auditor Eschenbach commented and
Assistant City Manager Johnson concurred that the purpose of the committee has historically
been to review City’s portfolio on an ongoing basis to determine that the City is in
compliance with the City Investment Management Policies. Chair Bradford noted that this
will be added to a future agenda for consideration.
ACTION: MOTION BY COMMITTEE MEMBER JOHNSON, SECOND BY
COMMITTEE MEMBER WARNER, CARRIED 4-0, to approve the Investment Oversight
Committee Meeting minutes of August 18, 2016.
City of San Luis Obispo, Title, Subtitle
Minutes - Investment Oversight Committee Minutes of November 10, 2016 Page 2
2. PRESENTATION OF THE QUARTERLY INVESTMENT REPORT ON
PORTFOLIO PERFORMANCE
Chair Bradford distributed the Quarterly Investment Report. City Investment Advisor
Monique Spyke reviewed the contents of the report and summarized the portfolio’s
performance.
Committee questions followed.
In response to the question during “Public Comment On Items Not On The Agenda” it was noted
that earned income from the portfolio are reinvested back into the portfolio.
Public Comment:
None.
---End of Public Comment---
ACTION: MOTION BY COMMITTEE MEMBER JOHNSON, SECOND BY
COMMITTEE MEMBER BARASCH, CARRIED 4-0, to confirm the Quarterly Investment
Report for the period ending September 30, 2016 is in compliance with the City’s Investment
Policy.
3. DISCUSSION OF CASH FLOW AND CITY INVESTMENTS
Chair Bradford discussed the Cash Flow Analysis report.
In response to Committee Member Barasch inquiry, Assistant City Manager Johnson reported
that there are no Capital Investment Expenditures projected that will strain the cash flow and
there are no changes planned for the current cash investments.
Public Comment:
None.
---End of Public Comment---
No action taken.
4. DISCUSSION OF INVESTMENT OVERSIGHT COMMITTEE CALENDAR
Next meeting date: Thursday, February 16, 2017 at 1:30.
City of San Luis Obispo, Title, Subtitle
Minutes - Investment Oversight Committee Minutes of November 10, 2016 Page 3
5. ITEMS TO BE ADDRESSED AT A FUTURE MEETING
Following discussion, the Committee agreed to discuss at a future meeting the difference
between an Oversight Committee versus Advisory Committee status.
ADJOURNMENT
Prior to adjournment, the Committee thanked Committee Member Warner for her service on the
committee.
The meeting was adjourned at 2:19 pm.
APPROVED BY INVESTMENT OVERSIGHT COMMITTEE: 02/16/2017