HomeMy WebLinkAbout04-26-2023 Minutes IACMINUTES
City of Orange
Investment and Audit Committee
April 26, 2023
The Investment and Audit Committee of the City of Orange, California convened on April 26,
2023, at 3:00 p.m. in a Regular Meeting in the Weimer Room, 300 E. Chapman Avenue,
Orange, California.
1. OPENING/CALL TO ORDER
Chair Rohm called the meeting to order at 3:05 p.m.
1.1 PLEDGE OF ALLEGIANCE
Led by Committee Member Christensen.
1.2 ROLL CALL
Present: Mittmann,Prell,Christensen,Grampp,Horton,Ludin, and Rohm
Absent: None
2. PUBLIC COMMENT
None.
3. APPROVAL OF MINUTES
3.1. Approval of minutes of the City of Orange Investment and Audit Committee
Regular meeting held on January 25, 2023.
A motion was made by Vice Chair Mittmann, seconded by Committee Member Prell, to
approve minutes as presented. The motion carried by the following vote:
Note:Members Ludin and Holt abstained due to appointments post January 25, 2023
meeting.)
Ayes: Mittmann,Prell,Christensen,Grampp, and Rohm
Noes: None
Absent: None
Abstain: Horton, and Ludin
4. INVESTMENT ITEMS
4.1. Rate Summary March 2022 - March 2023.
ACTION: Received and filed.
4.2. Treasurer's Investment Report.
ACTION: Received and filed.
4.3. Investment Portfolio Update.
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Investment and Audit Committee Minutes April 26,2023
Karl Meng, Portfolio Strategist with Chandler Asset Management, presented the City of
Orange Investment and Portfolio Report for January through March 2023.
ACTION: Received and filed.
5. INVESTMENT POLICY UPDATES
5.1. Proposed changes to the City of Orange Investment Policy.
The proposed updates to the Investment Policy consisted of three minor changes to
language:
1) Clarifying language to be added to section 2.4 AUTHORIZED FINANCIAL
INSTITUTIONS AND DEALERS.
2) Line Item (g) added to section 3.2 PROHIBITED INVESTMENT VEHICLES AND
PRACTICES
3) Language added to Glossary definitions for Maturity and SEC.
ACTION: Updates Approved
6. ECONOMIC UPDATES
6.1. Sales Tax Update, Q4.
ACTION: Received and filed.
6.2. California Forecast Sales Tax Trends and Economic Drivers.
ACTION: Received and filed.
7. CITY UPDATE
Tom Kisela, City Manager, discussed the April 25, 2023 City Council meeting. He
confirmed that a new Finance Director has been selected. The City Manager also went
over the request for a forensic audit on all of the City's financial systems and explained
that Mayor pro tern Barrios is interested more in a citywide procedure review. This
review will take place after the new Finance Director starts.
8. ADJOURNMENT
There being no further business, the meeting was adjourned at 4:11 p.m.
The next regular meeting will be held on Wednesday, July 26, 2023, at 3:00 p.m. in the
Weimer Room, 300 E. Chapman Avenue, Orange, CA 92866.
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Richard Rohm, City Treasurer
Chair
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