10-03-11 Investment Policy Committee MinutesCity of Atlantic Beach
Investment Policy Committee Minutes
October 3, 2011
Members Present:Bob Sternfeld
Alan Gleit
John Wolfe!
Staff Member Nelson Van Liere
Consultant:Michael O'Shields
The meeting was called to order at 6:16pm
Nelson Van Liere explained the purpose of the meeting which was to review his proposed
changes to the Investment Policy and make a recommendation to the City Commission.
The existing policy was provided with strike -out and underlined changes. Michael
O'Shields gave input as to why some of the investments that were previously excluded
were now being added.
Changing economics
Some investment types should have been included in the original policy
The limitations by issuer were not practical
These issues were addressed in the revised policy by allowing for mutual funds, money
markets, corporate notes and Tips as well as increasing the exposure limits to allow the
City to invest in the best types and issuer at the time to secure the best return.
A brief recap of the success of our current policy was discussed and it was agreed that the
revisions should allow us the opportunity to still make some returns while waiting for the
market to come back.
The motion to approve the revisions as proposed was made by Alan Gleit and seconded by
John Wolfe!. The vote to approve was unanimous.
Motion to adjourn by Nelson Van Liere at 6:59.
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