Report:

Investment Oversight Committee

Synopsis:

The Investment Oversight Committee met Friday, May 2, 1997 and discussed various issues detailed in the Committee report. The next Investment Oversight Committee meeting is Friday, August 1, 1997 at 12:00 noon in Conference Room CC8.

Recommended Action:

Receive and file this report.

Jon D. Mikels, Chairman
Investment Oversight Committee

Attendance: Present were Committee Chairman Jon Mikels and Committee Members Jim Silva, Barbara Steckel, Mary Simpson, and Terry McGuire, Investment Consultant, Sperry Capital Inc. Absent were Committee Members Mee Hae Lee and Gary Burton.

Investment Committee Discussion Items:

Quarterly Report of Investments: Review of quarterly investment report to Governing Board. The committee approved this report as a receive and file.

Discussion of Cash Flows and Special Purpose Investments (SPI) Strategy: The Committee reviewed the AQMD’s progress toward greater diversification of investments and the process and guidelines to be followed regarding Special Purpose Investments. The Committee accepted the approach by staff which follows the guidelines established in the AQMD’s Investment Policy and briefly discussed the potential impacts of the new Governmental Accounting Standards Board (GASB) Statement 31, regarding the accounting and financial reporting for certain investments.

Other Business: None

Public Comment: None

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