HomeMy WebLinkAbout10-29-2014 IOC MinutesCITY OF SAN LUIS OBISPO
INVESTMENT OVERSIGHT COMMITTEE
MINUTES
October 29, 2014
1:30 PM
Council Hearing Room, 990 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 special meeting of the Investment Oversight Committee was called to order on Wednesday,
October 29, 2014, at 10:03 a.m. in the Council Hearing Room, located at 919 Palm Street, San Luis
Obispo, California, by Chairperson Padilla.
ROLL CALL
Committee Members
Present: Committee Members Steve Barasch, Michael Codron, Katie Lichtig, Jan Marx,
Vilma Warner, and Chairperson Wayne Padilla
Committee Members
Absent: None
Others Present: Al Eschenbach, Independent Auditor and ex- officio member; Anthony Mejia,
City Clerk
PUBLIC COMMENT
There were no members of the public desiring to speak.
Investment Oversight Committee Minutes — October 29, 2014
1. Investment Advisor Services Request for Proposals
Page 2
Finance and Information Technology Director /City Treasurer Padilla reviewed the contents of
the agenda report; advised that a subcommittee of the Investment Oversight Committee
reviewed each submitted proposal and recommends that the full Committee endorse the
selection of Public Financial Management (PFM) for investment advisor services; explained
that PFM provided a cost competitive proposal and that the firm may provide added value due
to having its own trading desk and increased buying power; responded to committee inquiries.
Committee Member Barasch noted that PFM has enhanced research capabilities and its
experience level is deeper than that of other firms; noted that PFM may be better apt to assist in
implementing a Socially Responsible Investment Strategy.
Leslie Halls, San Luis Obispo, stated that she is encouraged that the City is considering new
investment advisor services, noting that a new firm and fresh ideas may result in improved
yields on investments.
Following discussion, by unanimous consensus, the Committee endorsed the selection of PFM
for investment advisor services and to forward such recommendation for Council consideration.
ADJOURNMENT
The meeting adjourned at 10:30 a.m.
Approved: 11/13/14