HomeMy WebLinkAbout08-17-2017 IOC Minutes
Minutes
Investment Oversight Committee
Thursday, August 17, 2017
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
17, 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, Katie Lichtig, Rico Pardo,
and Chair Xenia Bradford
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); Monique Spyke, PFM
Asset Management LLC; Kelly Medina, Finance Administrative Assistant &
Recorder
PUBLIC COMMENT ON ITEMS NOT ON THE AGENDA
Leslie Halls
1. REVIEW OF INVESTMENT OVERSIGHT COMMITTEE MEETING MINUTES
OF MAY 31, 2017
ACTION: MOTION BY COMMITTEE MEMBER JOHNSON, SECOND BY
COMMITTEE MEMBER LICHTIG, CARRIED (COMMITTEE MEMBER HARMON
ABSENT) 5-0, to approve the Investment Oversight Committee Meeting minutes of May 31,
2017.
2. PRESENTATION OF THE QUARTERLY INVESTMENT REPORT ON
PORTFOLIO PERFORMANCE
City Investment Advisors Monique Spyke and Izac Chyou reviewed the contents of the report
and summarized the portfolio’s performance.
Committee questions followed.
City of San Luis Obispo, Title, Subtitle
Minutes - Investment Oversight Committee Minutes of August 17, 2017 Page 2
Public Comment:
None.
---End of Public Comment---
ACTION: MOTION BY COMMITTEE MEMBER BARASCH, SECOND BY
COMMITTEE MEMBER PARDO, CARRIED 5-0, (COMMITTEE MEMBER HARMON
ABSENT) to confirm the Quarterly Investment Report for the period ending June 30, 2017
is in compliance with the City’s Investment Policy.
3. REVIEW INVESTMENT POLICIES AND PRACTICES, FOLLOW-UP ITEM
FROM MAY 31, 2017
Izac presented. Request from Katie to see a more in depth comparison with the 9 cities PFM
provided as examples.
Committee questions followed.
Request from Barasch to see the projected spread of return difference between what we
currently have now versus going to single A across the board.
Public Comment:
None.
---End of Public Comment---
4. REVIEW INVESTMENT OVERSIGHT COMMITTEE ROLE AND DUTIES PER
THE FINANCIAL MANAGEMENT MANUAL
ACTION: MOTION BY COMMITTEE BARASCH, NOT CARRIED (COMMITTEE
MEMBER HARMON ABSENT) 1-4, to expand scope of the committee by addressing fiscal
policy, long term financial strategies/preservation, and adding more public members.
Public Comment:
Sharon Whitney and Cheryl McLean
---End of Public Comment---
City of San Luis Obispo, Title, Subtitle
Minutes - Investment Oversight Committee Minutes of August 17, 2017 Page 3
5.ITEMS TO BE ADDRESSED AT A FUTURE MEETING
Per Investment Mgmt. Plan: cash analysis and close of financials
Further analysis of Investment Policy – in depth comparison with other 9 cities and projected
return difference between current set up and single A.
6.DISCUSSION OF INVESTMENT OVERSIGHT COMMITTEE CALENDAR
The next committee meeting is scheduled for November 9, 2017. Xenia announced today’s
meeting will be the last for Committee member Lichtig.
ADJOURNMENT
The meeting was adjourned at 2:52 pm.
APPROVED BY INVESTMENT OVERSIGHT COMMITTEE: 11/06/2017