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Home My WebLink AboutFY 2009-2010 Annual Report - Investment Advisory Board - IAB CITY OF HUNTINGTON BEACH INVESTMENT ADVISORY BOARD (IAB) ANNUAL REPORT TO THE CITY COUNCIL FOR THE PERIOD OCTOBER 1, 2009 TO SEPTEMBER 30, 2010 October 1,2010 Establishment of Board The IAB was created to act in an advisory capacity to the City Council and City "Treasurer in matters pertaining to all of the City's investments by the City Council in May 1995 by Resolution #3284. The seven Board members are appointed by a member of the City Council and are as follows: Name Council Member Christopher Palmer (Chair) Cathy Green Jerrold Clark Devin Dwyer Joe Foye Keith Bohr Bob Glass Don Hansen David Hatch Joe Carchio Diann Shelton Gil Coerper James Steinkirchner Jill Hardy Board Activities The meetings of the Board for the fiscal year ended September 30, 2010 were open to the public as required by Government Code 54950 and held on the following; dates in City Hall: October 28, 2009 January 27,2010 April 21, 2010 July 21, 2010 In addition, a joint study session with the City Council is scheduled to be held on November 15, 2010. The two major activities of the Board consisted of reviewing each monthly investment report and reviewing the City of Huntington Beach Investment Policy annually, prior to their presentation at a City Council meeting;. HB -1 5- Item 1 . - 1 Investment Advisory Board Page Two Annual Report to the City Council October 1, 2010 As required under HB Municipal Code 2.110.040(b), the Board has reviewed matters pertaining to the City's investments in the following areas: 9 Reviewed the annual Investment Policy • Discussed the Management Letter from the City's independent financial auditor in conjunction with the annual financial audit and was advised that there were no comments relating to investments for the IAB to review. • Discussed Cash Management and ensured that there was sufficient liquidity to meet the next six month's estimated expenditures for all funds including the General Fund, 0 Reviewed Risk-Return Analysis as it relates to Safety, Liquidity, and Yield • Reviewed Long Term Investments and how cash flow forecasting enables the City to match investments to budgeted expenditures • Reviewed New Investment Sources, as appropriate • Reviewed Proposed. State or Federal Legislation impacting the City's Investments a Reviewed any Anticipated Exposure to Loss by looking at liquidity, credit & market value of investments • Reviewed Quarterly and Monthly Reports prior to them being presented to the City Council a Reviewed Quarterly Compliance with Investment Policy and no exceptions were identified Based on the information reviewed by the Board for the period October 1, 2009 to September 30, 2010, it appears that the City Treasurer has maintained compliance with all requirements in the City's Investment Policy. Respectfully submitted, Christopher Palmer Chair— Investment Advisory Board cc: Shari L. Freidenrich, City Treasurer GATRZI'AMIAMAnnual Report\IAB Annual Report FY 0910.doc Item 1 . - 2 NB -16- �a CITY OF HUNTINGTON BEACH INTERDEPARTMENTAL COMMUNICATION a;yp9a o CITY TREASURER'S DEPARTMENT o TO: Joan Flynn, City Clerk FROM: Shari L. Freidenrich, CPA, City Treasurer, DATE: November 15, 2010 SUBJECT: LATE COMMUNICATION—STUDY SESSION AGENDA ITEM#1 Attached is the Investment Advisory Board (IAB) Annual Report to the City Council for the period October 1, 2009 to September 30, 2010, signed by the IAB Chair, Christopher Palmer. Please replace the unsigned copy with the attached signed copy. SLF Attachment COMMUNICATION Ong Date Agenda Item ibo. �1 CITY OF HUNTINGTON BEACH INVESTMENT.A.DVISORY BOARD(IAB) ANNUAL REPORT TO THE CITY COUNCIL FOR THE PERIOD OCTOBER 1, 2009 TO SEPTEMBER 30,2010 October 1,2010 Establishment of Board The IAB was created to act in an advisory capacity to the City Council and City Treasurer in matters pertaining to all of the City's investments by the City Council in May 1995 by Resolution #3284. The seven Board members are appointed by a member of the City Council and are as follows: Name Council Member Christopher Palmer(Chair) Cathy Green Jerrold Clark Devin Dwyer Joe Foye Keith Bohr Bob Glass Don Hansen David Hatch Joe Carchio Diann Shelton Gil Coerper James Steinkirchner Jill Hardy Board Activities The meetings of the Board for the fiscal year ended September 30, 2010 were open to the public as required by Government Code 54950 and held on the following dates in City Hall: October 28,2009 January 27, 2010 April 21, 201.0 July 21, 2010 In addition, a ,joint study session with the City Council is scheduled to be held on November 15,2010. The two major activities of the Board consisted of reviewing each monthly investment report and reviewing the City of Huntington Beach Investment Policy annually, prior to their presentation at a City Council meeting. t e Investment Advisory Board Page Two Annual Report to the City Council October 1, 2010 As required under HB Municipal Code 2.110.040(b), the Board has reviewed matters pertaining to the City's investments in the following areas: • Reviewed the annual Investment Policy • Discussed the Management Letter from the City's independent financial auditor in conjunction with the annual financial audit and was advised that there were no comments relating;to investments for the IAB to review. • Discussed Cash Management and ensured that there was sufficient liquidity to meet the next six month's estimated expenditures for all funds including the General fund. • Reviewed Risk-Return Analysis as it relates to Safety, Liquidity, and Yield • Reviewed Long Term Investments and how cash flow forecasting enables the City to match investments to budgeted expenditures • Reviewed New Investment Sources,as appropriate • Reviewed Proposed State or Federal Legislation impacting;the City's Investments • Reviewed any Anticipated Exposure to Loss by looking at liquidity, credit & market value of investments • Reviewed Quarterly and Monthly Reports prior to them being presented to the City Council • Reviewed Quarterly Compliance with Investment Policy and no exceptions were identified Based on the information reviewed by the Board for the period October 1, 2009 to September 30, 2010, it appears that the City Treasurer has maintained compliance with all requirements in the City's Investment Policy. Respectfully ubtted, 6liristopher Palmer Chair—Investment Advisory Board cc: Shari L. Ftei0enrich, City Trcastimr (3 UR1.ASUAMAnnual ReporWAB Annual Report FY 091 O.doc .<HELP> for explanation. Index ECO <MENU> to return, 11<G0> Release Calendar, 12<GO> Economist Estimates Release Details 1) Overview Release Name US Unemployment Rate Total in Labor Force Seasonally Adjusted Country United States Ticker USURTOT Release Time 12/03/2010 08:30 For NOV Survey - - Actual - - Prior 9.6% Revised - - 2) Historical Chart 4) Related Tickers 10.00 Latest 9.60 : : .'. i •Y_ ; .i. : .: t . .;_ i ;_;_ : .i. : _y. ; .; w 4. Y Survey 9.60 Actual 8,00 Latest 'KSurvey ; 6.00 ,Survey High J Survey Low : � ff 4.00 2000 2001 2002 2003 2004 2005 2006 2007 2005 2009 2010 3) Current News 5) p BN 11/10 U.S. Unemployment Rate Forecasts: BN Monthly Survey (Table) 6) p BN 11/10 U.S. Economic Forecasts: Bloomberg Monthly Survey (Table) 1) BN 11/08 U.S Unemployment Rates by Federal Reserve District (Table) 8) 111 BN 11/06 October Payroll Increase Bodes Well for U.S. Consumer Spending 9) Nj BN 11/05 U.S. Economy: Payrolls Gain Is First in Five Months (Update2) Australia 61 2 9777 8600 Brazil 5511 3048 4500 Europe 44 20 7330 7500 Germany 49 69 9204 1210 Hong Kong 852 2977 6000 Japan 81 3 3201 8900 Singapore 65 6212 1000 U.S. 1 212 318 2000 Copyright 2010 Bloomberg Finance L.P. SN 248020 15-Nov-2010 17:44:04 <HELP> for explanation. Index ECO <MENU> to return, 11<G0> Release Calendar, 12<GO> Economist Estimates Release Details 1) Overview Release Name University of Michigan Survey of Consumer Confidence Sentiment Country United States Ticker CONSSENT Release Time 11/24/2010 09:55 For NOV F Survey 70.0 Actual - - Prior 69.3 Revised - - 2) Historical Chart 4) Related Tickers ' Latest 69.30 Survey 70.00 100 Ir-JActual Latest 8o Survey Survey High ff Survey Low 0-60 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 3) Current News 5) 111 BN 11/12 U.S. Consumers Gain Confidence as Jobs, Shares Rise (Updatel) 6) ®Jj BN 11/12 Consumers in U.S. Gain Confidence on More Jobs, Rising Stocks 7) ®Jj BN 11/12 Consumer Sentiment in U.S. Climbed to Five-Month High (Update3) 8) No BN 11/12 Consumer Sentiment in U.S. Climbed to Five-Month High (Updatel) 9) 111 BN 11/12 Consumer Sentiment in U.S. Climbed to Five-Month High (Updatel) Australia 61 29777 8600 Brazil 5511 3046 4500 Europe 44 20 7330 7500 Germany 49 69 9204 1210 Hong Kong 652 2977 6000 Japan 81 3 3201 8900 Singapore 65 6212 1000 U.S. 1 212 310 2000 Copyright 2010 Bloomberg Finance L.P. SN 248020 15-Nov-2010 17:44:38 <HELP> for explanation. Index ECo <MENU> to return, 11<G0> Release Calendar, 12<GO> Economist Estimates Release Details 1) Overview Release Name US New One Family Houses Sold Annual Total SAAR Country United States Ticker NHSLTOT Release Time 11/24/2010 10:00 For OCT Survey 314K Actual - - Prior 307K Revised - - 2) Historical Chart 4) Related Tickers Latest 307.00 ; : : ; : : : , . . . . . . Survey 314.00 . . . : ; . : : . 'F A c t u a l Z000FkLatest FwSurvey Survey High 500 Survey Low 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 3) Current News 5) 111 BN 10/27 U.S. Economy: Capital Goods Orders Fell in September (Updatel) 6) 111 BN 10/27 U.S. Economy: Capital Goods Orders Decrease as Investment Cools 1) 26 BN 10/27 Rupkey Says Economic Data Points to Upside GDP Surprise: Video 8) ®ij BN 10/27 Sales-of U.S. New Homes Increase for Second Month (Update2) 9) 111 BN 10/27 Sales of U.S. New Homes Increase for Second Month (Updatel) Australia 61 2 9777 8600 Brazil 5511 3048 4500 Europe 44 20 7330 7500 Germany 49 69 9204 1210 Hong Kong 852 2977 6000 Japan 81 3 3201 8900 Singapore 65 6212 1000 U.S. 1 212 318 2000 Copyright 2010 Bloomberg Finance L.P. SN 248020 15-Nov-2010 17:44:48 <HELP> for explanation. Index ECO <MENU> to return, 1160> Release Calendar, 1260> Economist Estimates Release Details 1) Overview Release Name GDP US Chained 2005 Dollars QoQ SAAR Country . United States Ticker GDP CQOQ Release Time 11/23/2010 08:30 For 3Q S Survey 2.4% Actual - - Prior 2.0% Revised - - 2) Historical Chart 4) Related Tickers ®Latest 2.00 Survey 2.40 . a . 5 iuActual r ; . . . FP Latest o K Survey ; r3 Survey High . . ; . ; . - : -s Survey Low Dec 31... Dec 31... Dec 31... Dec 31... Dec 31... Dec 31... Dec 31... Dec 31... Dec 31 ... Dec 31... ... 2000 1 2001 1 2002 1 2003 1 2004 1 2005 1 2006 2007 ( 2008 1 2009 1 2010 3) Current News 5) p BN 11/10 U.S. GDP Forecasts: Bloomberg Monthly Survey (Table) 6) p BN 11/10 U.S. Economic Forecasts: Bloomberg Monthly Survey (Table) 1) ®jj BN 10/29 U.S. Economy: 2% Growth Confirms Outlook for More Fed Stimulus 8) 9 BN 10/29 Rupkey Sees No Need for Fed Easing After Production Data: Video 9) % BN 10/29 U.S. Economy Grows 2% as Consumer Spending Picks Up (Update4) Australia 61 2 9777 0600 Brazil 5511 3048 4500 Europe 44 20 7330 7500 Germany 49 69 9204 1210 Hong Kong 852 2977 6000 Japan 81 3 3201 8900 Singapore 65 6212 1000 U.S. 1 212 318 2000 Copyright 2010 Bloomberg Finance L.P. SN 246020 15-Nov-2010 17:45:24