HomeMy WebLinkAbout05-02-2018 Minutes IAC IOC (unsigned)MINUTES
INVESTMENT ADVISORY (IAC) COMMITTEE
INVESTMENT OVERSIGHT (IOC) COMMITTEE
Wednesday, May 2, 2018, 3:00 p.m. - Finance Conference Room
PRESENT:
IAC COMMITTEE
Robert Foley, Chair
Ken Romero (absent)
Larry Sallinger
IOC COMMITTEE (non-voting)
Richard Rohm, City Treasurer
Will Kolbow, Finance Director
Rick Otto, City Manager
STAFF
Josephine Chan, Investment/Revenue Officer
Diane Hornsby, Executive Assistant
1. Call to Order
Chairman Robert Foley called the meeting to order at 3:00 p.m.
2. Approval of Meeting Minutes of February 7, 2018.
Mr. Foley moved to approve; Mr. Sallinger seconded; motion carried.
3. Rate Summary
Highs and lows for various investments during period of April 2017 through March 2018.
Action: Received and filed.
4. Investment Portfolio Update
A report showing City's portfolio's investment percentages in various areas, as of April 24, 2018.
Action: Received and filed.
5. Treasurer's Investment Reports for January, February, and March, 2018
Explanation of disbursements, investment activity, and sales tax revenue by month.
Action: Received and filed.
6. Discussion on Proposed Changes to the Investment Policy
Mr. Foley moved that no changes be made at this time to the City's Investment Policy; Mr.
Sallinger seconded; and the motion carried. It was suggested to look at the investment policy of
other cities for comparison purposes.
7. Sales Tax Update
Major sales tax categories, comparing latest quarter to corresponding quarter of previous year.
Action: Received and filed.
'
Minutes of the Joint Meeting of the
Investment Advisory and Investment Oversight
Committees, May 2, 2018
8. California Forecast: Sales Tax Trends & Economic Drivers
Action: Received and filed.
9. City Update
A verbal report on city projects being planned and in progress, i.e., the Lemon/Chapman parking
structure on target for completion in late fall; a balanced FYl 9 budget will be adopted in June by
the City Council; an update was given about the downscaling of Sears.
10. Next meeting date
Wednesday, August 8, 2018, at 3:00 p.m. in the Finance Conference Room.
11. Public Comment- General questions were given regarding the 3-story self-storage facility on
Glassell and public input.
12. Adjuurnment=- The meeting was adjourned at 3:34 p.m.
Robert Foley, Chair
Investment Advisory Committee
Richard Rohm, City Treasurer
Investment Oversight Committee
Distribution:
Mayor and City Council
Administrative Services Director, IOC
Investment Advisory Committee
City Manager, IOC
ttCity Treasurer, IOC
2
Investment/Revenue Officer
City Clerk