COUNCIL FINANCE COMMITTEE/
INVESTMENT REVIEW COMMITTEE
MINUTES
SPECIAL MEETING—MONDAY, OCTOBER 30, 2023
PLAZA CONFERENCE ROOM AT CITY HALL—500 CASTRO STREET
3:00 P.M.
1. CALL TO ORDER
Chair Matichak called the meeting to order at 3:00 p.m.
2. ROLL CALL
Present: Committee members Emily Ramos, Lucas Ramirez, and Chair Lisa Matichak.
Absent: Committee members Douglas Radtke and Steven Permut.
3. MINUTES APPROVAL
Motion—M/S Ramirez/Ramos—Carried 3-0—To approve the minutes for the Special Meeting of October 6, 2022.
4. ORAL COMMUNICATIONS FROM THE PUBLIC—None.
5. UNFINISHED BUSINESS—None.
6. NEW BUSINESS
6.1 PRESENTATION ON THE STATUS OF THE CITY’S PORTFOLIO AND INVESTMENT POLICY
Carlos Oblites, Senior Vice Presiden t and Portfolio Strategist of Chandler Asset Management, delivered his economic update presentation and the status of the portfolio to date.
Mr. Oblites provided economic updates related to the current financial market, unemployment rates, index measures, interest rate outlook, housing market , and inflation. He also provided financial updates for the City’s portfolio.
Council Finance Committee/Investment Review Committee Minutes October 30, 2023
6.2 REPORT FROM INVESTMENT REVIEW COMMITTEE
Tyler Cook, Principal Financial Analyst, presented the investment results of Fiscal Year 2022-23. He mentioned t here were no violations of the investment policy .
Duration, diversification, and quality requirements of the investments in the portfolio last fiscal year were in compliance with the investment policy.
6.3 PROPOSED CHANGES TO THE INVESTMENT POLICY
Mr. Oblites presented the proposed changes to the Committee. He outlined recommendations s uch as allowing investments in Joint Powers Authority (JPA) Investment Pools, which would broaden the City’s investment options. Additionally, City staff provided detailed on the Socially Responsible Investment section and why staff was not recommending any changes.
The Committee supports the proposed changes to the investment policy. They also requested that staff explore potential future investment option expansions, including increasing the investment rating flexibility and raising the maximum limit for certain investment categories. Additionally, Committee members asked staff to review the possibility of including mortgage-backed securities and asset-backed securities in the investment policy.
7. COMMITTEE/STAFF COMMENTS, QUESTIONS, COMMITTEE REPORTS—None.
8. ADJOURNMENT
The meeting was adjourned at 5:25 p.m.
These Minutes are hereby submitted for
approval by Victoria Labrador, Recording
Secretary.
Approved on 12/06/2024.
GZ/6/FIN
541-10-30-23mn