CITY OF SAN CLEMENTE
Investment Advisory Committee Minutes
Regular Meeting – October 27, 2025
A Regular Meeting of the City of San Clemente Investment Advisory Committee was called to order by City Treasurer, Charlie Smith, on October 27, 2025 at 5:30 p.m. in the Community Conference Room at City Hall, 910 Calle Negocio, San Clemente, California.
PLEDGE OF ALLEGIANCE
The Pledge of Allegiance was led by Chad Ahearn.
ROLL CALL
PRESENT: Investment Advisory Committee Members:
Charlie Smith, Victor Cabral, Matthew Koelliker, Chad Ahearn Staff:
Sheryl Mariano, Sandee Chiswick, Melissa Anderson, Brian Brower, Andy Hall ABSENT: Jeff Willardson
CHANDLER
REPRESENTATIVES: Jayson Schmitt and Karl Meng
PUBLIC: None
(1) APPROVAL OF MINUTES
Minutes from the July 28, 2025 meeting and the August 18, 2025 Ethics Training were reviewed. Motion to approve was made by Matthew Koelliker, seconded by Victor Cabral. Carried 4-0.
(2) INVESTMENT REPORT – 1
ST QUARTER FY 2025-26
The First Quarter Investment Report was introduced by City Treasurer Charlie Smith.
Jayson Schmitt and Karl Meng, representatives from Chandler Asset Management, reviewed the report with the committee and responded to questions. Motion to approve was made by Matthew Koelliker, seconded by Chad Ahearn. Carried 4-0. (3) ANNUAL REVIEW OF CITY INVESTMENT POLICY
The committee discussed the timing, recent updates and potential revisions to the City Investment Policy. Jayson informed the committee about recent legislation that may require updates to the policy and will provide a redlined draft of the proposed changes.
The committee agreed to schedule a Special Meeting in November to review the Investment Advisory Committee Minutes October 27, 2025 Page 2 proposed changes and finalize the draft policy before presenting it to the City Council in December. No motion or vote was taken at this time.
(4) APPOINTMENT OF DEPUTY CITY TREASURER
Brian Brower provided an overview of the duties of the City Treasurer as outlined in the Government Code and explained the need to designate a Deputy City Treasurer to oversee certain day-to-day financial functions currently managed by the Finance Division. The committee discussed the recommendation and agreed that Sheryl Mariano, who oversees these functions, would be an appropriate appointee. Motion to approve was made by Charlie Smith, seconded by Victor Cabral. Carried 4-0. (5) CITY TREASURER DISCUSSION
The City Treasurer provided an update on the status of the 115 Trust, noting that paperwork is in progress and expected to be finalized shortly. The committee also discussed a potential future tax measure and identified two items for upcoming agendas: updating the Pension Investment Policy and initiating an RFP for investment management services. No action was taken.
(6) PUBLIC INPUT
None
ADJOURNMENT
Motion was made by Victor Cabral, seconded by Matthew Koelliker, approved 4-0 to adjourn to a Special Meeting to be held on November 10, 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:
January 26, 2026
April 27, 2026
July 27, 2026
October 26, 2026