HomeMy WebLinkAboutMin 04-02-9639O
CITY OF UKIAH
CITY COUNCIL MINUTES
Regular Adjourned Meeting
COUNCIL WORKSHOP REGARDING INVESTMENT STRATEGY
April 2, 1996
9:00 a.m.
The City Council convened at 9:08 a.m., in a regular meeting, of
which the agenda was legally noticed and posted, in the Ukiah Civic
Center Council Chambers, 300 Seminary Drive, Ukiah, California.
Roll was taken and the following Councilmembers were present:
Mastin, Malone, Wattenburger, Shoemaker, and Mayor Schneiter. Staff
present: City Clerk McKay, City Treasurer Coyne, City Manager
Horsley, Finance Director Elton, Assistant to the City Manager
Harris, Assistant Redevelopment Director DeKnoblough, and Executive
Assistant Yoast. The presentation was by Nancy Jones, Managing
Director of Public Financial Management, Inc. in the San Francisco
Office.
2. AUDIENCE COMMENTS ON NON-AGENDA ITEMS
None.
NEW BUSINESS
3a. Council Workshop Regarding Investment Strategy
Ms. Jones introduced herself to Council and explained her role in
her company and how they specialize in public investment
management. She presented slides regarding new law changes in
January of 1996, regarding Treasurer and Chief Financial Officer
reporting requirements, investment policy development, and the
Council's role and responsibility in reviewing financial documents.
She answered questions from Council and staff regarding our current
portfolio, security, current yields, maturity distribution,
portfolio diversification, and evaluation of purchases. She
proceeded to present to Council how a professional financial firm
manages portfolios for public agency funds, reviewed services and
fees, and her perspectives regarding policy development, portfolio
management, LAIF investments, maturity, measurement processes and
explained she will forward copies of her presentation to Council in
the near future.
Mayor Schneiter and Council expressed their appreciation to Ms.
Jones for her thorough presentation.
Councilmember Wattenburger briefly reported to Council on his sub-
committee meetings with Gary Akerstrom.
ADJOURNMENT
There being no further business, the meeting was adjourned at 10:40
a.m., to April 3, 1996, at 5:30 p.m. in the Council Chambers of
the Ukiah Civic Center, for a Council workshop regarding the
Electric Utility of Ukiah and the current ~ec,tric in~d~stry.
Cathy ~4cKAy/dMC/AAE/, City Clerk
Reg. Adj. Mtg.
April 2, 1996
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