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HomeMy WebLinkAboutAgenda 010710 Special Meeting 9am SPECIAL MEETING fto ATASCADERO CITY COUNCIL Thursday, January 7, 2010 9:00 a.m. City Hall — Council Chambers 6907 EI Camino Real, Atascadero AGENDA ROLL CALL. C MANAGEMENT REPORTS 1 City Treasurer Reports ■ Fiscal Impact: There is a savings of about 64 staff hours or roughly $3,000 per year if Council switches from monthly reporting to quarterly reporting ■ Recommendations. Council 1 Review and file City Treasurer's Reports prepared quarterly for the periods April 2008 through June 2009, and monthly for the periods July through November, 2009 2 Direct staff to prepare quarterly reports instead of monthly reports and return with a modified Investment Policy reflecting this change [Administrative Services] PUBLIC COMMENT ADJOURNMENT STATE OF CALIFORNIA ) COUNTY OF SAN LUIS OBISPO ) CITY OF ATASCADERO ) I,Victoria Randall Deputy City Clerk of the City of Atascadero, declare under penalty of perjury that on December 30, 2009, the foregoing notice for the January 7, 2010 Special Meeting was posted on the doors of the Atascadero City Hall 6907 EI Camino Real, Atascadero, CA 93422 amp Victoria Randall, Deputy City Clerk Approved February 23, 2010 SPECIAL MEETING *NO ATASCADERO CITY COUNCIL Thursday, January 7, 2010 900am. City Hall — Council Chambers 6907 EI Camino Real, Atascadero MINUTES Mayor Fonzi called the meeting to order at 9 00 a.m and Council Member Bob Kelley led the Pledge of Allegiance ROLL CALL. Present: Council Members Clay, O'Malley, Kelley, and Mayor Fonzi Absent: Council Member Beraud Others Present: City Clerk / Assistant to City Manager Marcia McClure Torgerson, and City Treasurer Joe Modica Staff Present: City Manager Wade McKinney, Assistant City Manager Jim Lewis, Administrative Services Director Rachelle Rickard, and City Attorney Brian Pierik. C MANAGEMENT REPORTS 1 City Treasurer Reports ■ Fiscal Impact: There is a savings of about 64 staff hours or roughly $3,000 per year if Council switches from monthly reporting to quarterly reporting ■ Recommendations. Council 1 Review and file City Treasurer's Reports prepared quarterly for the periods April 2008 through June 2009, and monthly for the periods July through November, 2009 am CC Special Meeting Minutes 01/07/10 9.00 a.m. Page 1 of 2 Approved February 23, 2010 2 Direct staff to prepare quarterly reports instead of monthly reports and return with a modified Investment Policy reflecting this change [Administrative Services] Administrative Services Director Rachelle Rickard gave the staff report and answered questions from the Council She introduced Rocco Lepore and Michael Kostecki, Financial Advisors with Morgan Stanley Smith Barney Mr Lepore explained the different types of investment options available within the City's investment policy, including the pros and cons for each option Mr Lepore also distributed an Investment Portfolio Review and answered questions from the Council (Exhibit A) City Treasurer Joe Modica also answered questions from the Council PUBLIC COMMENT David Bentz stated that he agrees that safety is most important with City investments He urged the Council to continue to require monthly Treasurer reports. Mayor Fonzi closed the Public Comment period. MOTION By Mayor Pro Tem O'Malley and seconded by Council Member Clay to direct staff to prepare quarterly reports instead of monthly reports and return with a modified Investment Policy reflecting this change. Motion passed 4.0 by a roll-call vote (Beraud absent). ADJOURNMENT Mayor Fonzi adjourned the meeting at 11 03 p m MINUTES PREPARED BY Marcia McClure Torgerson, C M City Clerk/Assistant to the City Manager The following exhibit is available for review in the City Clerk's office Exhibit A— Morgan Stanley Investment Portfolio Review tow CC Special Meeting Minutes 01/07/10 9.00 a.m. Page 2 of 2