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11/13/2008
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11/13/2008
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10/31/2014 4:01:44 PM
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Minutes
Date
2008-11-13
Description
Regular Meeting Minutes
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CLOSED PUBLIC HEARING <br /> • Council discussion ensued. There was a consensus that the piece of property under <br /> consideration did not serve a public purpose for open space or recreation and there was a <br /> true community benefit that could be realized by the funds that would be received from <br /> the sale of the parcel. <br /> MOTION SECONDED AND CARRIED: Moved by Jones, seconded by O'Malley and <br /> passed unanimously to approve Resolution No. 76-08 ordering the abandonment and sale <br /> of APN 182-21-003. Mayor Pro Tem Warshawsky and Councilmember Kerr recused <br /> themselves from consideration of this item. <br /> UNFINISHED BUSINESS <br /> 6. 1st Quarter Investment Report and Presentation for the Period Ending September 30, <br /> 2008 (Staff: N. Pegueros) (Item continued from 10/23/08) <br /> Finance Director Nick Pegueros introduced the item to Council. Council had before them <br /> a staff report that included a summary of the Town's investments as of September 30, <br /> 2008. <br /> Pegueros provided an overview of the Town's current investment strategy. Key elements <br /> included the preservation of principal; liquidity, and investment income. Pegueros noted <br /> that given the current financialenvironment, preservation of principal was the over <br /> • arching strategy. The Town was invested in US Treasuries and guaranteed federal <br /> agencies and most recently had withdrawn a majority of the funds from the LAIF money <br /> market fund in anticipation of potential issues that could arise from the state's financial <br /> problems. <br /> Pegueros reviewed a chart of the Town's portfolio "Issuer Distribution and Credit <br /> Quality" with Council. The Town's portfolio was invested in securities rated in S&P's <br /> highest ratings category and AAA/AAAm Treasuries. Pegueros noted that the Town's <br /> portfolio was in compliance with the California Government Code and the Town's <br /> investment policy. The total market value of the Town's portfolio as of September, 2008 <br /> was $12,151,500. <br /> Pegueros reported that staff was working with the Finance'and Investment Committee on <br /> the annual review of the Town's Investment Policy and the expectation was that it would <br /> be ready for Council consideration in December or January 2009. <br /> Council briefly discussed retirement pension liabilities. <br /> OPENED PUBLIC COMMENT <br /> Jim Abraham, resident, spoke to his personal experience with a pension shortfall. <br /> CLOSED PUBLIC COMMENT <br /> 5 City Council Regular Meeting Minutes <br /> November 13,2008 <br />
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