HomeMy WebLinkAbout2025-02-20; Investment Review Committee; Minutes; Regular SessionINVESTMENT REVIEW COMMITTEE
Regular Meeting
Minutes
Feb.2~2025, 11a.m.
CALL TO ORDER: 11 a.m.
ROLL CALL: Peacox, Korach, Rocha, Haber, True.
Council Chamber
1200 Carlsbad Village Drive
Carlsbad, CA 92008
PLEDGE OF ALLEGIANCE: Committee Chair Peacox led the Pledge of Allegiance.
APPROVAL OF MINUTES:
Minutes of the Regular Meeting held Nov. 21, 2024
Motion by Committee Vice Chair Rocha, seconded by Committee Member Korach, to approve
the minutes as presented. Motion carried, 5/0.
PRESENTATIONS: Introduction of Elected City Treasurer Christian Peacox, Investment Review
Committee Chair.
Committee Member Korach introduced City Treasurer Christian Peacox as the new Investment
Review Committee Chair and Committee Chair Peacox said a few words.
CONSENT CALENDAR: None.
PUBLIC HEARINGS: None.
DEPARTMENTAL REPORTS:
1. FISCAL YEAR 2024-25 SECOND QUARTER INVESTMENT REVIEW: Receive presentation of the
city's investment portfolio for the second quarter of fiscal year 2024-25, and provide
feedback. (Staff contact: Katie Schroeder, Treasury Department)
Recommended Action: Receive the presentation and provide feedback.
Committee Chair Peacox presented a PowerPoint presentation.
The Investment Review Committee received the presentation.
2. ANNUAL INVESTMENT POLICY UPDATE: Review proposed changes to the city's Investment
Policy and adopt a resolution recommending City Council approval of the updated Investment
Policy. (Staff contact: Katie Schroeder, Treasury Department)
Recommended Action: Recommend City Council adoption of updated Investment Policy.
Committee Chair Peacox presented an overview of proposed updates to the Investment
Policy.
Motion by Committee Member Korach, seconded by Committee Vice Chair Rocha, to adopt
Resolution No. 2025-001 recommending City Council adopt the updated Investment Policy.
Motion carried, 5/0.
3. COMMITTEE REORGANZATION OPTIONS: Receive a report on the composition and duties of
the Investment Review Committee, including options and alternatives for restructuring the
committee, and provide feedback. (Staff contact: Katie Schroeder, Treasury Department)
Recommended Action: Receive the report and provide feedback.
Committee Chair Peacox presented an overview of options for the Investment Review
Committee reorganization.
Committee Member Koroch noted that City Council postponed these options until City
Treasurer took office and options were presented to the Investment Review Committee.
Committee Chair Peacox followed with the preference of option 3 for member appointments.
Committee Member True commented on special qualifications to consider expansion of
requirements to prevent exclusion of potential qualified members.
Resident Advisor Sweet inquired as to why the reorganization. Committee Member Koroch
explained the legal and operational reasoning behind the proposal. Committee Chair and
Committee Member Haber clarified the requirements.
Committee Member Haber inquired about if city staff would be excluded from the Investment
Review Committee and Committee Chair Peacox confirmed and reasoned why staff is
proposed to be excluded.
The Investment Review Committee received report.
COMMITTEE MEMBER COMMENTARY AND REQUESTS FOR CONSIDERATION OF MATTERS:
None.
STAFF COMMENTS: None.
ADJOURNMENT: 11:22 a.m.
Katie Schroeder
Senior Accountant