HomeMy WebLinkAboutMinutes 010710 Special Meeting 9am Approved February 23, 2010
SPECIAL MEETING
ATASCADERO CITY COUNCIL
Thursday, January 7, 2010
9:00 a m.
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
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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
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