Item 2 - MinutesMINUTES
INVESTMENT ADVISORY (IAC) COMMITTEE
INVESTMENT OVERSIGHT (IOC) COMMITTEE
Wednesday, February 5, 2020, 3:00 p.m. - Finance Conference Room
PRESENT:
IAC COMMITTEE IOC COMMITTEE (non-voting)
Robert Foley, Chair Richard Rohm, City Treasurer (absent)
Larry Sallinger, Member Rick Otto, City Manager (absent)
Vacant Will Kolbow, Assistant City Manager/
Administrative Services Director
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 November 6, 2019.
Mr. Foley moved to approve; Mr. Sallinger seconded; motion carried.
3. Rate Summary
A report of the highs and lows for various investments during period of December 2018 through
December 2019.
Action: Received and filed.
4. Investment Portfolio Update
A report showing City’s portfolio investment percentages in various areas as of January 28, 2020.
Action: Received and filed.
5. Treasurer’s Investment Reports for October, November, and December 2019
Report of disbursements, investment activity, and sales tax revenue by month.
Action: Received and filed.
6. Discussion of Proposed Changes to Investment Policy
Action: Some investment limit changes will be proposed at City Council meeting in June 2020.
7. Sales Tax Update
Action: Received and filed.
8. i. Chapman Economic & Business Review – No recession is predicted in 2020. Our largest
sales tax producers are doing well.
Action: Received and filed.
Minutes of the Joint Meeting of the
Investment Advisory and Investment Oversight
Committees, February 5, 2020
2
ii. California Forecast: Sales Tax Trends & Economic Drivers –
Action Received and filed.
9. City Update: There was a referendum on the trails project; City Council will be addressing it at
the next Council meeting with three options: 1) Repeal the approval, 2) Hold a special election in
June, 3) Put it to a vote at the same time as the national election in November.
10. Next meeting date
Wednesday, May 6, 2020, at 3:00 p.m. in the Finance Conference Room.
11. Public Comment – There was inquiries about the fire headquarters move to Chapman and
Water Streets, the close of Rod’s Liquor, the opening of a new steak house, and the disposition
of the Swift Building.
12. Adjournment – The meeting adjourned at 3:28 p.m.
_______________________________ _____________________________________
Robert Foley, Chair Will Kolbow, Assistant City Manager/
Investment Advisory Committee Administrative Services Director
Distribution:
Mayor and City Council
City Manager, IOC
Investment/Revenue Officer
Assistant City Manager/ Administrative Services Director, IOC
City Treasurer, IOC
City Clerk
Investment Advisory Committee