HomeMy WebLinkAboutInvestment Committee Minutes 2018-07-23 INVESTMENT COMMITTEE MEETING MINUTES
July 23, 2018
The Investment Committee held a regular meeting on July 23, 2018 at 4:24 p.m. at City Hall in
Friendswood,Texas. The following members were present:
Bob Bozka
Larry Collison
Katina Hampton, Investment Officer
Rhonda Bloskas, Deputy Investment Officer
Allan Rasmussen was absent.
1. Committee meeting minutes from April 23, 2018 were reviewed.
- Bob made a motion to approve the minutes as presented and Larry seconded the motion.
Motion passed unanimously.
2. The Committee reviewed and discussed the quarterly investment report for the period ending
June 30, 2018.
- Katina stated that two securities had matured since March 31, 2018. However,the
funds had not been re-invested since property tax revenue is lower in the summer
months.
- The committee discussed the interest rates on the pools. The interest on the pools
looks good. The average yield for TexPool is 1.7%. Bob looked up the current rate on
his phone and stated that as of July 22, 2018 the yield for TexPool was 1.88%. The
average yield for Texas Class is 2.16% and Texas Class Government is 1.87%. The
interest rates for banks hasn't moved however overnight lending rates have increased.
- Bob asked if staff was okay with the operating cash balance and stated that interest
earned on cash is almost the same as the interest earnings for government bonds.
Katina explained that interest earned on cash at Wells Fargo offsets the analysis fees
charged by the bank.
- Discussion took place regarding property tax and any potential for increase in tax rates.
- Larry made a motion to accept the Investment Report for quarter ended 6/30/18. Bob
seconded the motion and it carried unanimously.
3. The committee discussed upcoming meeting dates and was okay with the meeting dates
previously suggested by Katina. The next meeting will be on October 22, 2018.
4. The meeting was adjourned at 5:07 p.m.
Minutes approved by:
Katina Hampton
Investment Officer
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Date Approved: October 22, 2018