HomeMy WebLinkAboutInvestment Committee Minutes 2018-10-22 INVESTMENT COMMITTEE MEETING MINUTES
October 22, 2018
The Investment Committee held a regular meeting on October 22, 2018 at 4:03 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 July 23, 2018 were reviewed.
- Larry made a motion to approve the minutes as presented and Bob seconded the motion.
Motion passed unanimously.
2. The Committee reviewed and discussed the quarterly investment report for the period ending
September 30, 2018.
- There weren't many changes since previous quarters. However, five securities had
matured since June 30, 2018. Katina explained we wouldn't make any purchases of
securities until property tax money starts coming in.
- A discussion took place regarding interest rates on securities. Katina stated that she
had not seen any offers on securities 3%or over. It was noted that most securities are
callable in the next year. Bob stated there was an opportunity to ladder out and earn
higher rates.
- The committee inquired about the approval of the Investment Policy by City Council.
Katina stated it was approved. She also advised that the City's Investment Policy had
earned the Government Treasurers' Organization of Texas award for developing an
investment policy that meets the requirements of the Public Funds Investment Act.
- The committee reviewed the pools and discussion took place regarding Texas Class
Government Pool. Katina stated that these funds are operating cash and not specific to
any bond issuance. Bob inquired about putting all the money in the Texas Class
Government pool for simplicity. He also asked if there was a Government Pool with
TexPool. Katina stated that TexPool had two options,TexPool and TexPool Prime. The
City only had funds in TexPool. He advised he would keep City's money in anything that
contained the word "government" and to stay away from anything with the word
"prime" in it. Bob also stated that the main objective of the City's investment policy is
safety. He reiterated that he would move the money from Texas Class pool to the
Texas Class Government pool.
- Larry made a motion to accept the Investment Report for quarter ended 9/30/18. Bob
seconded the motion and it carried unanimously.
3. The committee discussed upcoming meeting dates. Katina said that we would schedule out
meetings next year shooting for the third Monday of the month following the end of each
quarter. The next meeting will be in January 2019.
4. The meeting was adjourned at 5:05 p.m.
Minutes approved by:
Katina Hampton
Investment Officer
40-RkigiaAk,i'-)/()U
Date Approved: January 22, 2019