BOARD MEETING DATE: March 12, 1999 AGENDA NO. 35
REPORT:
Investment Oversight Committee
SYNOPSIS:
The Investment Oversight Committee met Friday, February 5, 1999 and discussed various issues detailed in the Committee report. The next Investment Oversight Committee meeting is Friday, May 7, 1999 at 12:00 noon in Conference Room CC8.
RECOMMENDED ACTION:
Receive and file.
Norma J. Glover
Investment Oversight Committee
Attendance: Present were Committee members Michael Antonovich, Norma Glover, Gary Burton, David Ertel and Jerry Rogers. Absent was Committee Member William Burke.
Investment Committee Discussion Items:
Quarterly Report of Investments: Reviewed the quarterly investment report to the Governing Board. The Committee discussed and approved a recommendation made by Gary Burton to provide additional information in the quarterly report regarding the percentage of AQMD investments allocated to the PSI, LAIF and SPIs, and the average maturity range for each investment category. The committee approved this report.
Approve AQMD Annual Investment Policy and Delegation of Authority to Los Angeles County Treasurer to Invest AQMD Funds: The Committee reviewed this item and discussed a minor change to the policy to reflect the title change for the Director of Finance as a result of the recent AQMD reorganization. AQMD’s investment consultant Terry McGuire reported that he had discussed the investment policy with the Los Angeles County Treasurer’s Office and that no additional changes were required at this time. In addition, the committee discussed the renewal of its delegation of authority to its treasurer to invest or reinvest AQMD funds. The AQMD Annual Investment Policy and the reauthorization of the Los Angeles County Treasurer to invest and reinvest AQMD funds was recommended for approval at the March 12, 1999 meeting of the Governing Board.
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.
Other Business: None
Public Comment: None
/ / /