Minutes - Investment - 1997-07-10COSTA MESA SANITARY DISTRICT
INVESTMENT OVERSIGHT COMMITTEE MEETING
• JULY 10, 1997
CALL TO ORDER Meeting called to order at 3:15 p.m. by District Manager Rob
Hamers.
ROLL CALL Investment Oversight Committee is composed of seven (7)
members:
Committee Members:
Ms. Susan L. Temple, Director of Finance /District Treasurer
(absent)
Mr. Marcus D. Davis, Assistant Director of Finance
Mr. Jason P. Simpson, Revenue Supervisor
Mr. Rob Hamers, District Manager
Ms. Lois Thompson, Assistant Manager
Boardmember Dan Worthington (rotating with other Boardmembers)
Boardmember Arlene Schaefer (rotating with other Boardmembers)
Staff Members Present:
Reba Coulter, Accountant
i TREASURER'S REPORT AT JUNE 30, 1997
Mr. Davis discussed the Treasurer's Report and market
conditions: Mr. Hamers inquired whether staff would sell any of
the current holdings if rates go higher. Mr. Davis discussed the
investment philosophy of the District to be passive rather than
that of active bond traders. The Policy's philosophy is to buy
and hold to maturity.
Mr. Davis stated that the District is beginning a period which is
historically dry with no significant receipts until December.
Discussion ensued between the members regarding LAIF and
current rates offered in the marketplace.
Mr. Hamers requested that the accountant create a bar chart on
cash flows for the Board Members. The chart should
demonstrate the revenue cycle of the District.
INVESTMENT PORTFOLIO AUDIT AS OF DECEMBER 31, 1996
Mr. Davis discussed the report and highlighted item number 7
which discusses a recommendation to set a maturity limit for
• money market mutual funds. Discussion ensued regarding the
report and related issues. ' Mr. Hamers wanted to know what the
District paid for this special audit.
.; .. 1%
MONEY MARKET MUTUAL FUNDS
• Mr. Simpson presented four additional funds available on the
market for investment of idle funds. Stagecoach Funds -
Treasury Money Market Mutual Funds - 5.24 %; Milestone Funds
- Treasury Obligations Portfolio - 5.33 %; First American Funds,.
Inc. - Treasury Obligations Fund - 5.21 %; and Autumn Capital
Investment Services - Vista Treasury Money Market Fund -
5.18 %.
OTHER BUSINESS
Discussion ensued between the members regarding the various
money market mutual funds available.
Mr. Hamers requested that the Investment Portfolio Audit be
presented to the entire Board at their next regular meeting and that
a member of Conrad & Associates be present to discuss the issues
if so recommended by Ms. Temple.
ADJOURNMENT The meeting adjourned at 4:00 p.m.
•
is
President