Minutes - Investment - 1998-10-08COSTA MESA SANITARY DISTRICT
MINUTES OF INVESTMENT OVERSIGHT COMMITTEE MEETING
• OCTOBER 8, 1998
CALL TO ORDER Meeting called to order at 5:30 p.m. by District Manager Rob Hamers.
ATTENDANCE Investment Oversight Committee is composed of six (6) members:
Committee Members:
Mr. Marcus D. Davis, Acting District Treasurer
Mr. Jason P. Simpson, Revenue Supervisor
Mr. Rob Hamers, District Manager
Ms. Lois Thompson, Assistant Manager
Boardmember Arlene Schafer (rotating with other Boardmembers)
Boardmember Art Perry (rotating with other Boardmembers)
TREASURER'S REPORT AT JUNE 30, 1998
Mr. Simpson discussed the Treasurer's Report and the recent investing
activity of the District for the month of September in addition to July and
August. Mr. Simpson reported all of the District's investments, as of
September 30, 1998, are in compliance with both the District's Investment
Policy and the California Government Code. The weighted average
• interest rate for the Costa Mesa Sanitary District investment portfolio at
September 30, 1998 was 5.896.
INTERNAL CONTROLS OVER INVESTMENTS
Mr. Simpson presented an outline to the committee regarding investment
procedures and internal control guidelines, setting forth the objectives,
limitations and elements of internal control. Mr. Simpson also
summarized the procedures performed by auditors with respect to cash
receipts, noting the strengths of the system. Additionally, Mr. Simpson
provided the segregation of responsibilities of the treasury functions.
OTHER BUSINESS No discussion.
ADJOURNMENT The meeting adjourned at 5:58 p.m.
Secre:ar�g'Losta Mesa Sdiii ry District r sident, Costa Mesa nitary District