CITY OF SAN CLEMENTE
Investment Advisory Committee Minutes
Special Meeting – November 4, 2024
A Special Meeting of the City of San Clemente Investment Advisory Committee was called to order by City Treasurer, Charlie Smith, on November 4, 2024 at 5:35 p.m. in the Community Conference Room at City Hall, 910 Calle Negocio, San Clemente, California. (1) PLEDGE OF ALLEGIANCE
The Pledge of Allegiance was led by Jeff Willardson.
(2) ROLL CALL
PRESENT: Investment Advisory Committee Members:
Charlie Smith, Victor Cabral, Art Carter, Jeff Willardson, Matthew Koelliker
Staff:
Sandee Chiswick, Melissa Anderson, Jake Rahn, Andy Hall, Brian Brower
ABSENT: None
CHANDLER
REPRESENTATIVE: Jayson Schmitt
PUBLIC: Jack Raub
(3) APPROVAL OF MINUTES
Minutes from the August 5, 2024 meeting were approved. Motion was made to approve by Victor Cabral, seconded by Art Carter. Approved 5-0. (4) DISCUSS SECTION 115 TRUST ACCOUNT
Jennifer Meza of PARS and Keith Stribling of PFM Asset Management presented on creating a Section 115 Trust Account with PARS. The committee discussed the options presented along with alternatives. A motion was made by Charlie Smith to form a subcommittee to research further and come back with a recommendation to the committee, seconded by Matt Koelliker, Approved 5-0.
(5) INVESTMENT REPORT – 1ST QUARTER FY 2024-25
The first quarter investment report was introduced by City Treasurer, Charlie Smith.
Jayson Schmitt, Chandler Asset Management representative, reviewed the report and Investment Advisory Committee Minutes November 4, 2024 Page 2 answered questions. Art Carter moved to approve the 1
st Quarter Investment Report,
seconded by Jeff Willardson. Approved 5-0.
(6) DISCUSS PORTFOLIO ALLOCATION, CURRENT ECONOMIC
ENVIRONMENT AND OTHER RELATED TOPICS
None
(7) ANNUAL INVESTMENT POLICY REVISIONS
The committee will review the current investment policy and discuss at the next meeting.
(8) PENSION CASH FLOW REQUIREMENTS
Jake Rahn provided a report on cash flow requirements of the City of San Clemente Employee Retirement Plan (CSCERP), which is a plan consisting of inactive and past retirees. The Investment Advisory Committee will be taking over managing this plan and will need to establish a contribution policy. Motion was made by Charlie to keep the cash reserve portion of the allocation for the CSCERP at 10%. Seconded by Matt Koelliker, approved 5-0.
(9) PENSION INVESTMENT POLICY REVIEW
Jake Rahn provided a report for the committee to review along with the current Investment Policy and Procedures and recommended changes. The committee made revisions and will further discuss. The committee would like to meet with a representative from Empower.
(10) PUBLIC INPUT
Andy Hall, City Manager, discussed that if Measure BB passes to increase sales tax
0.5% for beach maintenance, the Investment Advisory Committee will manage that trust.
(11) ADJOURNMENT
Motion was made by Art Carter, seconded by Jeff Willardson, carried 5-0 to adjourn to a Regular Meeting to be held on January 27, 2025 at 5:30 pm in the Community Conference Room at City Hall, 910 Calle Negocio, San Clemente, California. _________________________________
Charlie Smith
Chair-Investment Advisory Committee
Future Meeting Dates:
April 28, 2025
July 28, 2025
October 27, 2025
January 26, 2026