BOARD MEETING DATE: June 12, 1998 AGENDA NO. 29
REPORT:
Investment Oversight Committee
SYNOPSIS:
The Investment Oversight Committee met Friday, May 1, 1998 and discussed various issues detailed in the Committee report. The next Investment Oversight Committee meeting is Friday, August 7, 1998 at 12:00 noon in Conference Room CC8.
RECOMMENDED ACTION:
Receive and file this report.
Norma J. Glover
Investment Oversight Committee
Attendance: Present were Committee members Michael Antonovich, Norma Glover, Gary Burton and Mary Simpson. Absent were Committee members William Burke and Jerry Rogers.
Investment Committee Discussion Items:
Quarterly Report of Investments: Review of quarterly investment report to Governing Board. The committee approved this report.
Cash Flow Forecast: The committee reviewed this item and discussed the three-year cash flow horizon and the maximum amount available for investment in Special Purpose Investments (SPI). At this time, due to the strong performance of the County’s investment pool and the lower yields on long-term investments, an increase in SPIs was not recommended.
Investment of Proceeds from Sale of El Monte Property: The committee, based on the discussion of the previous agenda item and the assumption that the proceeds from sale of the El Monte Property would not be used to call bonds, agreed that the investment of the proceeds in the County’s investment pool was best at this time.
Other Business: None
Public Comment: None
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