CITY OF SAN CLEMENTE
Investment Advisory Committee Minutes
Regular Meeting – April 29, 2024
A Regular Meeting of the City of San Clemente Investment Advisory Committee was called to order by City Treasurer, Charlie Smith, on April 29, 2024, at 5:34 p.m. This meeting was conducted in the Community Conference Room at City Hall, 910 Calle Negocio, San Clemente. (1) PLEDGE OF ALLEGIANCE
The Pledge of Allegiance was led by Charlie Smith.
(2) ROLL CALL
PRESENT: Investment Advisory Committee Members:
Charlie Smith, Art Carter, Jeff Willardson
Staff:
Sandee Chiswick, Melissa Anderson, Brian Brower
ABSENT: Victor Cabral, Amanda Conley
PUBLIC: None
(3) APPROVAL OF MINUTES
Motion by Art Carter, seconded by Jeff Willardson to approve the minutes of January 22, 2024, January 29, 2024, February 5, 2024, and February 12, 2024.
Approved 3-0.
(4) INVESTMENT REPORT 3
rd QUARTER 2023-24
The third quarter Investment Report was introduced by City Treasurer, Charlie Smith. Jayson Schmitt, Chandler Asset Management representative, reviewed the report with the committee and answered questions. Jeff Willardson moved to approve the 3
rd Quarter Investment Report, seconded by Art Carter. Approved 3-0. (5) DISCUSS SECTION 115 TRUST ACCOUNT
The committee discussed opening a Section 115 Trust Account. Jayson reviewed what it is and what the IRS Section of code allows for public agencies. The amount to be allocated along with the ways to open an account were discussed. The committee would like to meet with both PARS and also a legal firm who drafts customized accounts to gather more information.
A motion was made by Jeff Willardson, seconded by Art Carter, approved 3-0 to recommend to council that the Investment Advisory Committee is in agreement that a 115 Trust Account for prefunding of CalPERS payments is their recommendation.
Investment Advisory Committee Minutes April 29, 2024 Page 2 (6) PUBLIC INPUT
Art Carter asked question about LAIF
(7) ADJOURNMENT
The committee agreed to change the date of the next meeting from July 29th to August 5, 2024.
Motion was made by Art Carter, seconded by Jeff Willardson, carried 3-0, to adjourn to a Special Meeting to be held on August 5, 2024, at 5:30 p.m. at City Hall located at 910 Calle Negocio, San Clemente, California. _________________________________
Charlie Smith
Chair-Investment Advisory Committee
Future Meeting Dates:
August 5, 2024
October 28, 2024
January 27, 2025