Minutes - Investment - 1999-04-15COSTA MESA SANITARY DISTRICT
MINUTES OF INVESTMENT OVERSIGHT COMMITTEE MEETING
• APRIL 15, 1999
CALL TO ORDER The meeting was called to order at 5:31 p.m. by Boardmember James
Ferryman.
ROLL CALL Committee Members Present:
Mr. Marc Puckett, Director of Finance
Mr. Rob Hamers, District Manager
Ms. Lois Thompson, Assistant Manager
Boardmember James Ferryman (rotating committee member)
Boardmember Dan Worthington (rotating committee member)
Absent: None
TREASURER'S REPORT FOR MARCH, 1999
Mr. Puckett presented the Treasurer's Report and discussed the recent investing
activity of the District. Discussion followed.
OTHER BUSINESS
CASH FLOW INITIATIVES
• Mr. Puckett commented that he has initiated the development of a series of cash
flow reports intended to monitor daily cash flow more closely: He indicated that
the reports would allow him to increase the rate of return on investments for the
total portfolio by determining the amount of core cash existing within the
investment portfolio. He indicated that core cash may be invested without regard
to cash flow considerations. Therefore, he can increase the rate of return by
placing securities along the optimum point of the yield curve. Discussion
followed.
INVESTMENT AUDIT REPORT UPDATE
Mr. Puckett commented that the field work had been completed by Conrad &
Associates for the Investment Audit Report. He indicated that the report will be
issued in two to four weeks and would be reviewed with the committee at the
May or June meeting.
M.T.A. U.S. & C. INVESTMENT POLICY CERTIFICATION
Mr. Puckett commented that he intended to seek certification of the investment
policy from the Municipal Treasurer's Association of the United States & Canada
when the proposed investment policy for the 99 -00 fiscal year is adopted by the
board. Discussion followed.
4VREASURY SECURITIES
Mr. Puckett indicated that he will present one security to the board at each
investment oversight committee meeting as requested by board members. He
indicated that he was presenting treasury security as a broad asset class at this
meeting. He indicated that treasury securities are direct obligations of the United
States government issued by the Department of Treasury by the auction process.
• The auctions occur monthly, mid - quarterly, and quarterly. The issues include,
but are not limited to, two -year notes, three -year notes, five -year notes, ten -year
notes, and thirty -year bonds. He commented on the investor's responsibility in
relation to potential treasury securities and the degree of due diligence that is
required on their performance and returns. Discussion followed.
ADJOURNMENT
Approved by:
osta Me
j. Board of)
•
•
The meeting adjourned at 5:59 p.m.
District
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President, Costa Mesa Sani District
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