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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 �Ilt - k L President, Costa Mesa Sani District Board of Directo