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City of Huntington Beach
File #: 20-1363 MEETING DATE: 2/3/2020
REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: Honorable Mayor and City Council Members
SUBMITTED BY: Oliver Chi, City Manager
PREPARED BY: Alisa Backstrom, City Treasurer
Subject:
Joint meeting of the Investment Advisory Board (IAB) and City Council - Investment Advisory
Board Annual Report
Roll Call: Urling, Attardo, Sternberg, Dowds, Handy, Ellett, McKeon
Statement of Issue:
Receive and File the Investment Advisory Board's Annual Report.
Financial Impact:
Not Applicable
Recommended Action:
Receive and File the Investment Advisory Board's Annual Report.
Alternative Action(s):
Deny or Critique Investment Advisory Board's Annual Report.
AnalVsis:
Not Applicable
Environmental Status:
Not Applicable
Strategic Plan Goal:
Strengthen long-term financial and economic sustainability
Attachment(s):
1 . Investment Advisory Board's Annual Report
City of Huntington Beach Page 1 of 1 Printed on 1/29/2020
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CITY OF HUNTINGTON BEACH
INVESTMENT ADVISORY BOARD
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ANNUAL REPORT
2019
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INVESTMENT ADVISORY BOARD
Established by Resolution in 1995
Governed by Municipal Code section 2. 1 10
• Created to act in advisory capacity to City Council & City
Treasurer
7 members appointed by City Council
Member serves concurrent to Councilmember's term
2019 MEMBERS
Member: Appointed by: Member: Appointed b�
Rob Sternberg Patrick Brendan Corvi Urling Mike Posey
SyndiaAttardo Kim Carr A.J. DiLiberto Lyn Semeta
(outgoing)
Scott Dowds Barbara Delgleize Mark Ellett Erik Peterson
Jennifer Handy Jill Hardy
Incoming 2020 Member: Casey McKeon
Appointed by: Lyn Semeta
INVESTMENT ADVISORY BOARD
DUTIES
Prepare an Annual Report for the City Council.
Review and make recommendations regarding:
Investment policy
Investment strategies, risks and opportunities
Relevant legislation
Quarterly investment reporting
• Meet on a quarterly basis.
2019 MEETINGS
January 17, 2019
February 4, 2019 — IAB/City Council Joint
Study Session
April 18, 2019
July 18, 2019
October 17, 2019
ACTIVITIES
Reviewed annual Investment Policy Statement.
Discussed cash management and maintenance of
continued sufficient liquidity to meet estimated
expenditures.
Reviewed risk-return analysis as it relates to safety,
liquidity and yield.
Reviewed and discussed relevant economic activity and
policy.
ACTIVITIES CONTINUED
Reviewed appropriate state and federal legislation as it may impact the
City's investments, including updates to the California Government Code
Section 53601 .
Reviewed any anticipated exposure to loss through the analysis of
liquidity, credit & market value of investments.
Reviewed quarterly reports prior to presentation to the City Council.
Reviewed quarterly compliance with Investment Policy with no
exceptions being identified.
CONCLUSION
Based on the information reviewed by the Investment Advisory Board for
2019, the Board acknowledges that the City Treasurer has:
Maintained compliance with the Investment Policy and relevant
governmental regulations;
Met investment program objectives of maintaining safety, liquidity and
intended yield returns;
Managed the City's investment portfolio in a prudent and suitable
manner.