Report:

Investment Oversight Committee

Synopsis:

The Investment Oversight Committee met Friday, August 2, 1996 and discussed various issues detailed in the Committee report. The next Investment Oversight Committee meeting is Friday, November 1, 1996, at 12:00 noon, in Conference Room CC8.

Recommended Action:

Receive and file this report

Attendance:

Present were Committee Chairman Jon Mikels and Committee Members Mee Lee, Jim Silva, Gary Burton, and Mary Simpson. Absent was Barbara Steckel.

Investment Committee Discussion Items:

Review of Treasury Management Program Changes: This was the first meeting of the Board advisory committee established to monitor AQMD’s investments. The committee consistsof six members: three Governing Board members; two members with local government agency investment responsibilities; and one member with commercial investment responsibilities. The Committee discussed the changes taking place to minimize AQMD investments in the Los Angeles County Pooled Surplus Investment Portfolio by directing the Los Angeles County Treasurer to make specific investments on behalf of the AQMD.

RFP for Investment Consultant Services: The committee approved forwarding to the Governing Board at its September 13, 1996 meeting this recommendation to issue an RFP for services relating to development of the AQMD Investment Policy and Guidelines and investment monitoring and reporting.

Quarterly Report of Investments: Review of Quarterly Investment Report to Governing Board. The committee approved this report.

ACTION: The Committee recommended that the Quarterly Investment Report format be modified, summarizing and condensing this information into an easier-to-read document.

Scheduling of Meetings: The committee has established a regular quarterly meeting schedule of the first Friday of the months of August, November, February and May, at noon, in AQMD Conference Room CC-8.

Other Business:

The Committee recommended that staff arrange for a briefing to all interested parties on investment terminology and procedures.

Public Comment:

None