HomeMy WebLinkAbout11-06-2017 IOC Minutes
Minutes
Investment Oversight Committee
Monday, November 6, 2017
Regular Meeting of the Investment Oversight Committee
CALL TO ORDER
A Regular meeting of the Investment Oversight Committee was called to order on Monday,
November 6, 2017, 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 Steve Barasch, Derek Johnson, Rico Pardo, Chair Xenia
Bradford, and Greg Hermann
Absent: Committee Member Heidi Harmon
Others Present: Al Eschenbach, Independent Auditor and ex-officio member, Izac Chyou, PFM
Asset Management LLC (City’s Investment Advisor); Brandon Rake, Analyst
for PFM Asset Management LLC; Kelly Medina, Finance Administrative
Assistant & Recording Secretary
PUBLIC COMMENT ON ITEMS NOT ON THE AGENDA
Leslie Halls
---End of Public Comment---
1. OATH OF OFFICE OF NEW COMMITTEE MEMBER (HERMANN)
City Clerk Gallagher administered the Oath of Office to Committee member Hermann prior
to the Investment Oversight Committee meeting.
2. REVIEW OF INVESTMENT OVERSIGHT COMMITTEE MEETING MINUTES
OF AUGUST 17, 2017
ACTION: MOTION BY COMMITTEE MEMBER JOHNSON, SECOND BY
COMMITTEE MEMBER PARDO, CARRIED 5-0 (COMMITTEE MEMBER HARMON
ABSENT, COMMITTEE MEMBERS BARASCH & HERMANN ABSTAINED) to
approve the Investment Oversight Committee Meeting minutes of August 17, 2017. Per the
record, Committee Member Barasch requests Mayor Harmon be up to date on review of
meeting minutes from which she was absent.
City of San Luis Obispo, Title, Subtitle
Minutes - Investment Oversight Committee Minutes of November 6, 2017 Page 2
3. PRESENTATION OF THE QUARTERLY INVESTMENT REPORT ON
PORTFOLIO PERFORMANCE
City Investment Advisor Izac Chyou reviewed the contents of the report and summarized the
portfolio’s performance.
Public Comment:
None.
---End of Public Comment---
ACTION: MOTION BY COMMITTEE MEMBER JOHNSON, SECOND BY
COMMITTEE MEMBER BARASCH, CARRIED 5-0, (COMMITTEE MEMBER
HARMON ABSENT) to accept the Quarterly Investment Report for the period ending
September 30, 2017 is in compliance with the City’s Investment Policy.
4. REVIEW INVESTMENT POLICIES AND PRACTICES, FOLLOW-UP ITEM
FROM AUGUST 17, 2017
City Investment Advisory Izac Chyou presented.
Committee questions followed.
Public Comment:
None.
---End of Public Comment---
ACTION: MOTION BY COMMITTEE MEMBER JOHNSON, SECOND BY
COMMITTEE MEMBER HERMANN, CARRIED 5-0, (COMMITTEE MEMBER
HARMON ABSENT) to accept and present to the City Council the proposed investment
policy recommendations and make changes to recommended policies as presented by PFM.
5. ANNUAL REVIEW OF THE ALLOCATION OF CASH PORTFOLIO
City Investment Advisory Izac Chyou presented the Cash Flow Analysis.
Committee questioned followed.
Public Comment:
Leslie Halls
City of San Luis Obispo, Title, Subtitle
Minutes - Investment Oversight Committee Minutes of November 6, 2017 Page 3
---End of Public Comment---
ACTION: MOTION BY CHAIR BRADFORD, SECOND BY COMMITTEE MEMBER
JOHNSON, CARRIED 5-0 (COMMITTEE MEMBER HARMON ABSENT AND
COMMITTEE MEMBER BARASCH ABSTAINED), to make a recommendation to
increase the portfolio managed by PFM to 75% of the total City portfolio by transferring
funds from current City managed portfolio equal to 31% of total reducing the City managed
portfolio to 25%..
6. ITEMS TO BE ADDRESSED AT A FUTURE MEETING
Continue Cash Flow Analysis Discussion
7. DISCUSSION OF INVESTMENT OVERSIGHT COMMITTEE CALENDAR
The next committee meeting is scheduled for February 15, 2018.
ADJOURNMENT
The meeting was adjourned at 2:36 pm.
APPROVED BY INVESTMENT OVERSIGHT COMMITTEE: XX/XX/2017