HomeMy WebLinkAbout01-25-2023 Minutes IACMINUTES-FINAL
City of Orange
Investment and Audit Committee
January.25, 2023
The Investment and Audit Committee of the City of Orange, California convened on January
25, 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 3:04 p.m.
1.1 PLEDGE OF ALLEGIANCE
Led by Committee Member Prell
1.2 ROLL CALL
Present: Mittmann,Prell,Christensen,Grampp, 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 October 26,2022.
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:
Ayes: Mittmann,Prell,Christensen,Grampp, and Rohm
Noes: None
Absent: None
4. INVESTMENT ITEMS
Item 5.1 was reordered to be heard before Item 4.1)
4.1 Rate Summary December 2021 -December 2022
ACTION: Received and filed.
4.2 Investment Portfolio Update
Karl Meng, Portfolio Strategist at Chandler Asset Management, presented their
Investment Report for the City's Account Profile and Portfolio Holdings through
December 31, 2022.
ACTION: Received and filed.
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Investment and Audit Committee Minutes-Final January 25,2023
4.3 Treasurer's Investment Report
ACTION: Received and filed.
5. AUDIT ITEMS
Item 5.1 was reordered to be heard before Item 4.1)
5.1 Report from Lance Soil.&Lunghard, LLC
Ryan Domino, CPA& Partner at Lance, Soil, Lunghard, LLC., provided an audit
presentation for the City of Orange Fiscal Year 2021/22 Financial Audit. The
presentation provided an overview of the,steps in each audit process, the reports
required and a summary of the audit results, all of which were favorable.
ACTION: Received and filed.
6. ECONOMIC UPDATES
6.1 Sales Tax Update, Q3
ACTION: Received and filed.
6.2 California Forecast Sales Tax Trends and Economic Drivers
ACTION: Received and filed.
7. CITY UPDATE
Tom Kisella, Interim City Manager, introduced himself to the committee and gave a
brief history of his experience and role within the City of Orange. Mr. Kisella asked
questions for a better understanding of the committee's function and answered
questions from the members as well.
8. ADJOURNMENT
There being no further business, the meeting was adjourned at 4:31 p.m.
The next regular meeting will be held on Wednesday, April 26, 2023 at 3:00 p.m. in
the Weimer Room, 300 E. Chapman Avenue, Orange, CA 92866.
C4440( ieto4"4.-N.
ICHARD ROHM, CITY TREASURER
CHAIR
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