HomeMy WebLinkAbout02-20-2014 IOC MinutesCITY OF SAN LUIS OBISPO
INVESTMENT OVERSIGHT COMMITTEE
MINUTES
Thursday, February 20, 2014
1:30 PM
San Luis Obispo County Library Community Room, 995 Palm Street
San Luis Obispo, California
MISSION: As set forth in the Investment Management Plan, this committee is
responsible for reviewing the City's portfolio on an ongoing basis to determine
compliance with the City's investment policies and for making recommendations to the
City Treasurer (Director of Finance and Information Technology) regarding investment
management practices.
CALL TO ORDER
A meeting of the Investment Oversight Committee was called to order on Thursday,
February 20, 2014, at 1:32 p.m. in the San Luis Obispo County Library Community
Room, located at 995 Palm Street, San Luis Obispo, California, by Chair Padilla.
ROLL CALL
Committee Members
Present: Mayor Jan Marx; City Manager Katie Lichtig; Assistant City Manager
Michael Codron, Finance & IT Director /City Treasurer Wayne Padilla;
Finance Operations Manager Mette Richardson; Steve Barasch, public
member
Committee Member
Absent: None
Others Present: Al Eschenbach, Independent Auditor and ex- officio member; Jayson
Schmitt, Chandler Investments (City's Financial Advisor); Heather
Goodwin, Deputy City Clerk
PUBLIC COMMENT
There were no members of the public desiring to speak.
Investment Oversight Committee Minutes — February 20, 2014 Page 2
1. APPROVAL OF MINUTES
MOTION BY COMMITTEE MEMBER MARX, SECOND BY COMMITTEE
MEMBER BARASCH, CARRIED 6 -0, to approve the Investment Oversight
Committee Minutes of November 20, 2013.
2. PRESENTATION OF THE QUARTERLY REPORT AND PORTFOLIO
PERFORMANCE
City Financial Advisor Schmitt summarized the quarterly investment report and
portfolio's performance over the quarter. In response to Committee inquiry, City
Treasurer Padilla stated that the City's investment report is based on balances as of
December 31, 2013 and explained the purpose of the Local Agency Investment
Fund (LAIF) deposits.
3. REVIEW AND CONFIRM INVESTMENT POLICY COMPLIANCE
City Treasurer Padilla reviewed the report as presented; asked the committee to
make a finding that the investment strategy and holdings in the portfolio are in
compliance with the City's Financial Management Manual; responded to inquiries
from the committee.
MOTION BY COMMITTEE MEMBER MARX, SECOND BY COMMITTEE
MEMBER CODRON, CARRIED 6 -0, to affirm that the portfolio is in compliance
with the requirements the City's Financial Management Manual.
4. SET TIME AND DAY FOR FUTURE COMMITTEE MEETINGS
The Committee agreed to schedule its future meetings for the second Thursday of
the second month following the end of a fiscal quarter at 1:30 p.m. The next meeting
will be held on Thursday, May 8, 2014 at 1:30 p.m.
5. ITEMS TO BE CONSIDERED FOR THE NEXT MEETING
Recommendations
Discussion ensued regarding Committee members bringing forward
recommendations for discussion during future meetings.
Following discussion, it was agreed that the Committee Members would agendize
the following for its next meeting.
- Identify different investments that could lead to higher yields while meeting
the Financial Management Manual's requirements.
- Review of the City's portfolio to those of comparable cities
Investment Oversight Committee Minutes — February 20, 2014
Page 3
- Evaluation of the City's investment policy as it relates to fossil fuel companies
Leonard Milstein from the floor opined about the size of comparable cities.
ADJOURNMENT
The meeting adjourned at 2:22 p.m.
Approved: 05/08/14