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10-03-11 Investment Policy Committee Minutes City 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. /J� _ --. � iwt gt.---t---/-