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HomeMy WebLinkAbout05.15.2015 SP Minutes @10:00Meeting will be held at: CI'I'Y HAIJ, CONFERENCE R0 0M 400 GRAND AN'ENUE, S01711-1 SAN FIUNCISCO, CA FRIDIeT, MAY 15, 20 1000 A.M. Call to Order. TIME: 10:02 a.m. DRAPI 2. Roll Call. PRESENT: Mayor Garbarino and Vice Mayor Addiego ABSENT: None. 3. Public Comments. None. 4. Motion to approve the Minutes of the meeting of May 6, 2015. Minutes approved. 5. Investment Policy Review (Frank Risso, City Treasurer). Representatives from Chandler Asset Management began their presentation detailing proposed changes to the Treasurer's Investment Policy for Fiscal Year 2015-2016, Portfolio review recommendations from the Asset Management Group included monthly reviews to optimize investing in securities that have a very short time frame and the ability to have approval to make these investments quickly without advisement from the City Treasurer. Staff clarified the recommendation did not change the policy in this regard, but simply changed the communication style. Discourse ensued concerning commercial paper, supranational securities, diversification, asset backed securities, corporate securities, and appropriate percentages ascribed for each. Staff also added that the new policy would integrate corporate investments and updates to the glossary. Mayor Garbarino and Vice Mayor Addiego asked a series of clarifying questions and emphasized the goal of providing safe, liquid, positive returns for the City with more diversification, 6. Adjournment, Being no further business, the meeting was adjourned at 11:26 A.M. Submitted by: Alexandra T-c City of South uty City Clerk r r 'is, cisco L��� BUDGET SUBCOMMITTEE MEETrNG MAY 15, 2015 MINUTES PAGE 2