HomeMy WebLinkAboutDecember 5MINUTES OF FINANCE AND INVESTMENT COMMITTEE
Monday, December 5, 2005 6:00 PM - Town Hall
1. Roll call
Attending: Wilf Corrigan, Craig Jones, Karl Kneip, Jim Lai, Frank Lloyd, Stan Mok, Jean
Mordo and Sarah Ragsdale (town staff), and Lalla Stark
Absent: Doug Norby
2. Minutes
Wilf Corrigan made motion to approve November meeting minutes with the following
corrections:
• Stanley Mok will be changed to Stan Mok
• Craig Jones changed wording on (After review of the three presentations, the FIC
members from suggested to recommend PFM based on their recommendation to
join CAMP JPA for a low cost custodial account and negotiated processing fee.)
3. Investment program
Nsesa Kazadi from PFM Asset Management presented proposed revisions to the Town
of Los Altos Hills Investments Policy. Upon review and discussion the FIC made the
following recommendations with a motion made by Craig Jones to recommend to the
Council the following:
• Add to Section 6.0, “Authorized and Suitable Investments” the instruments
recommended by PFM with the exception of the following:
o Bankers acceptances
o Commercial paper
o Medium term corporate notes
o Negotiable certificate of deposit or deposit notes
4. Preliminary un-audited statements for 2004-2005
Sarah Ragsdale presented the preliminary un-audited statements for FY 04/05.
5. Charter city
We agreed that Jim and Jean will form a sub-committee to make a proposal to the FIC.
6. Calendar of Finance activities for 2005-2006
Sarah presented the a calendar of activities for the Finance Department.
7. Presentations from the floor
8. Adjournment
Minutes taken by Carl Kneip and edited by Jean Mordo.
Note: The following 2 changes to the Town Investment Policy were noted by Karl Kneip
in the draft minutes, but somehow not incorporated in the version approved by the
Council. The FIC should address this inconsistency at the February meeting.
• Remove from Section 12.0 “Diversification” the 30% restriction
• Modify Section 14.0 “Performance Standards” and 14.1 “Market Yield
(Benchmark)” to include LAIF in the town reports.
Minutes were approved as presented at the January 18, 2006 FIC meeting.