SR - - REPORT ENDING AUGUST 31 20171. SUBJECT:
Investment Oversight Committee Report for the period ending August 31, 2017.
2. SUMMARY:
This report summarizes the activity of the Investment Oversight Committee.
3. RECOMMENDATION /ACTION:
Receive and file.
4. FISCAL IMPACT
None.
5. STRATEGIC PLAN GOAL(S)
2d. Be a Fiscally Healthy Community — Effectively manage and develop City assets.
6. GENERAL PLAN IMPLEMENTATION
7. DISCUSSION and BACKGROUND
As required by the Orange Municipal Code Section 2.50.020, the Investment Oversight
Committee reports to the City Council summarizing the Committee meetings and submitting any
recommendations of the Investment Advisory Committee.
Since the last Investment Oversight Committee Report, the Investment Oversight Committee
held a meeting on August 2, 2017. This meeting was combined with the Investment Advisory
Committee meeting. The purpose of this meeting was to review current investment activity and
to discuss relative Treasury issues. Following is a summary of the specific items discussed at
this meeting.
1) Investment Rates and Portfolio Updates — Rate reports were presented for the period July
2016 through June 2017. There were discussions regarding the interest rate environment. In
addition, attention was given to the recent interest rate trends in both the U.S. Treasury
market and in the Local Agency Investment Fund (LAIF). Update on the investment
portfolio was also presented.
2) Treasurer's Investment Reports — The investment activity for the months of April, May, and
June, and the City's position in each category of investment that includes Treasuries,
Agencies, and Pooled Investments was discussed. This report was also on the City Council
agenda for the August 8, 2017 meeting as item 3.4.
3) Sales Tax Receipts — An update on sales tax receipts was discussed.
4) Chapman Economic and Business Review Sales Tax Trends and Economic Drivers — There
were discussions in regards to the economic forecast from Chapman University, sales tax
trends, and economic drivers.
5) City Update — An update was presented regarding what is happening at the City level.
8. ATTACHMENTS
None
ITEM 9/12/17
CITY COUNCIL MINUTES SEPTEMBER 12, 2017
2. PUBLIC COMMENTS (Continued)
Rebecca Bates — spoke regarding the homeless in Orange and its effects on her business.
Bill Masters — spoke regarding the homeless and its effects on Orange business owners and
their customers.
Jerome Ryan — spoke regarding the dormitory housing of Chapman students in Old Towne
Orange, and the increasing homeless population in Orange.
3. CONSENT CALENDAR
All items on the Consent Calendar are considered routine and are enacted by one motion
approving the recommended action listed on the Agenda. Any member of the City Council,
staff or the public may request an item be removed from the Consent Calendar for
discussion or separate action. Unless otherwise specified in the request to remove an item
from the Consent Calendar, all items removed shall be considered immediately following
action on the remaining items on the Consent Calendar.
3.1 Confirmation of warrant registers dated August 1, August 4, August 10, August 15,
August 18, August 23, August 24, August 31, and September 1, 2017. (C2500.J.1.7)
ACTION: Approved.
3.2 City Council Minutes, Regular Meeting of August 8, 2017 and Special Meeting of
August 29, 2017. (C2500.D.4)
ACTION: Approved.
3.3 Waive reading in full of all ordinances on the Agenda.
ACTION: Approved.
3.4 Investment Oversight Committee Report for the period ending August 31, 2017.
(OR1800.0.27.16)
ACTION: Received and filed.
3.5 Third Amendment to Agreement No. 6331 with Raftelis Financial Consultants in the
amount of $10,579. (A2100.0; AGR- 6331.3)
ACTION: Approved Third Amendment to Agreement No. 6331 with Raftelis Financial
Consultants in the amount of $10,579 and authorized the Mayor and City Clerk to execute
on behalf of the City.
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