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HomeMy WebLinkAboutJoint Meeting of the Investment Advisory Board (IAB) and Cit (3) DUETi L1}-Z vFi4 61440QU/-f R.oLLCA-LL WA-s AJ TTArEN �NTINGT 2000 Main Street, oF� zaRo„,E��m Huntington Beach,CA City of Huntington Beach 92648 APPROVE-I) 6- '411 � ` (80l7DN-oo7- F /eoiM) File #: 23-036 MEETING DATE: 2/7/2023 REQUEST FOR CITY COUNCIL ACTION SUBMITTED TO: Honorable Mayor and City Council Members SUBMITTED BY: Alisa Backstrom, City Treasurer VIA: Alisa Backstrom, City Treasurer 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: Heymann, Attardo, Dowds, Ellett, Erskine, Kelly, Pitcher 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 Annual Report. Analysis: Not Applicable Environmental Status: Not Applicable Strategic Plan Goal: Financial Sustainability, Public Safety or Other Attachment(s): 1. Investment Advisory Board's Annual Report City of Huntington Beach Page 1 of 2 Printed on 2/1/2023 poweree2l/LegistarTA9 File #: 23-036 MEETING DATE: 2/7/2023 2. IAB Joint Study Session Presentation 2022 City of Huntington Beach Page 2 of 2 Printed on 2/1/2023 powereo2g Legistar'' f• C/pr/-} ACTION AGENDA .21-�2-0 2-3 AB 1234 REPORTING Per AB 1234 (Government Code Section 53232.3(d)) Councilmembers who attend a meeting, conference, or similar event at the expense of the City must provide a brief report of the meeting, conference, or similar event during the next regular City Council meeting. Reports are limited to 1 minute. Reported: Burns, McKeon, Strickland, Van Der Mark OPENNESS IN NEGOTIATION DISCLOSURES Councilmembers must publicly disclose any meetings or communications with City employee associations, related to the negotiations of labor agreements. Disclosures are limited to 1 minute and must be made by the next regular City Council Meeting. Reported: Kalmick/POA CITY MANAGER'S REPORT 7. 22-696 Welcome New OneHB Team Members City Manager Zelinka announced that in the month of January, seven new OneHB members joined the City team. CITY TREASURER'S REPORT 8. 23-036 Presentation of the Investment Advisory Board Annual Report by the City Treasurer Due to lack of a quorum, the special meeting of the Investment Advisory Board was not held, and roll call was not taken. Recommended Action: Receive and File the Investment Advisory Board's Annual Report. Approved 6-0-1 (Bolton-Out of Room) 9. , 3-111 Received and Filed the City Treasurer's December 2022 Quarterly Investment Summary Report Recommended Action: Receive and File the City Treasurer's Quarterly Investment Report for December 2022, pursuant to Section 17.0 of the Investment Policy of the City of Huntington Beach. Approved 7-0 CITY CLERK'S REPORT 10. 23-108 City Archivist Kathie Schey announced receipt of a digitization grant award from California Revealed, an initiative of the California State Library, and narrated a video clip capturing the collapse of the Huntington Beach Municipal Pier in 1988 Page 4 of 12 CITY OF HUNTINGTON BEACH INVESTMENT ADVISORY BOARD AO ©� Ott , •.. c'P 4► ik q���$� rgr) �11\�j� "eta$ I F�1809 A ir =..,,DUNT\i * y/;i ANNUAL REPORT TO THE CITY COUNCIL FOR: 2022 23 INVESTMENT ADVISORY BOARD (IAB) Establishment of Board The Investment Advisory Board 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 of 1995 by Resolution #3284. The Board is governed by the City's municipal code chapter 2.110 and is subject to the open meeting law ("Brown Act"). Board Membership The Investment Advisory Board shall consist of up to seven members. Each City Council member may appoint one member of the Board to serve the same term as the City Councilmember. For 2022, the members were as follows: Name Council Member Sean Heymann (Chairperson) Dan Kalmick Syndia Attardo Kim Carr Scott Dowds Barbara Delgleize Mark Ellett Erik Peterson Dennis Kelly Natalie Moser Rita Pitcher Mike Posey Monica Erskine Rhonda Bolten Investment Advisory Board: Duties The duties of the IAB as defined in the municipal code include: 1) Preparation of an Annual Report to be submitted to the City Council 2) Review and make recommendations regarding: - The City's Investment Policy Statement and compliance with this statement - Investment strategies and opportunities - Relevant governmental legislation - Quarterly investment reporting 3) Attend quarterly meetings Investment Advisory Board: Activities The two major activities of the Board consisted of reviewing each quarterly investment report and reviewing the City of Huntington Beach Investment Policy annually, prior to their presentation at a City Council meeting. The meetings of the Board for the period from January 1, 2022 to December 31, 2022 were held via Zoom according to Covid-19 protocol on the following dates: January 20, 2022 April 21, 2022 July 21, 2022 October 20, 2022 24 Due to Covid-19, the Annual Report from 2021 was provided to the City Council on 2/7/22 via email, rather than presenting in person. As required under Huntington Beach Municipal Code 2.110.040(b), the Investment Advisory Board reviewed matters pertaining to the City's investments as follows: • Reviewed the annual Investment Policy Statement. • Discussed cash management and the 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. • 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. No exceptions were identified. Additionally, at the direction of the City Council, the Investment Advisory Board discussed the issue of whether limiting investments in fossil fuels would affect the City portfolio's investment return. A response was sent to the City Council via email on July 28, 2022. Conclusions Based on the information reviewed by the Investment Advisory Board for 2022, the Board acknowledges that the City Treasurer has maintained compliance with all requirements in the City's Investment Policy and related governmental regulations, and has managed the City's investment portfolio in a prudent and suitable manner. 25 cz o 0 pp 0 ' y L CD >•% C*4 N O U C%.J Cn (I) EN— ..0 >t > "Ci Ct Q ct ti5 *a CO CLmi a) 0 CD � y a� �� • a) ti . .; ; ; . ..; . ,.;, ,,.. a) U N E -� >„ a) a) �� c ....>1 ...: , 0 (xi .... ....,, „.. 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