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MEETING OPEN TO THE PUBLIC <br /> <br /> Helen Meier, Executive Director of Tri-Valley Haven, presented to the Council a framed <br />certificate in appreciation of the generous support given by the City through the Community <br />Development Block Grants to construct a community service building for sexual assault and <br />domestic violence victims. Mayor Tarver thanked Ms. Meier for all of her efforts in this <br />program. <br /> <br />6, PUBLIC HEARINGS AND OTHER MATTERS <br /> <br />Item 6n <br />Approval of Investment Policy and Guidelines. (SR 95: 119) <br /> <br /> Susan Rossi presented the staff report. <br /> <br /> Mr. Pico believes an investment policy is appropriate, given the recent publicity of other <br />cities' financial problems, as well as letting the community know the specifics of the City's <br />investment policy. <br /> <br /> Ms. Rossi indicated the current portfolio has a life of 480 days, yielding a higher rate <br />than the State Pool. The City has a diversified portfolio in Treasuries and Agencies. Some <br />money is also held in the State Investment Pool and local Certificates of Deposit. <br /> <br /> Mr. Pico asked for clarification on the role of the City Treasurer with respect to <br />investment policy decisions. Ms. Rossi noted that for the past thirty or forty years, investment <br />authority has been the responsibility of the Director of Finance. <br /> <br /> Mr. Pico asked for a brief review of the qualifications of the finance staff. Ms. Rossi <br />has been in municipal government for twenty years, eight years involved in investments. Also <br />on staff is an accountant (Josie Fong) who is a Certified Municipal Treasurer under the State <br />Municipal Treasurer Program. She was recently recertified for another four years. This <br />requires a certain level of education, experience and on-going training. A third member of staff <br />is working on his certification (Dave Iremonger). They work collectively on all decisions. <br /> <br /> Mr. Pico asked if the City has an outside investment advisor. Ms. Rossi indicated they <br /> do not utilize such an advisor. <br /> <br /> Ms. Michelotti noted for the public's information that the Council gets regular updates <br /> on all investments. There are many people who review the investments on an ongoing basis. <br /> <br /> Ms. Mohr asked staff if the City ever asked the banks to submit bids for the best rates <br /> on CD's. Ms. Rossi noted there are two types of CDs. One CD is for $100,000 or less and <br /> <br /> 04/18/95 -3- <br /> <br /> <br />