pages: CityCouncil/2007-09-18.pdf, 2
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CityCouncil | 2007-09-18 | 2 | approximately one third of the State average. CONSENT CALENDAR Mayor Johnson announced that the recommendation to approve Annual Report [paragraph no. 07-449], the recommendation to approve the agreement [paragraph no. 07-450], and Resolution Authorizing the City Manager [paragraph no 07-453] were removed from the Consent Calendar for discussion. Vice Mayor Tam moved approval of the remainder of the Consent Calendar. Councilmember Matarrese seconded the motion, which carried by unanimous voice vote - 5. [Items so enacted or adopted are indicated by an asterisk preceding the paragraph number. ] ( *07-447) - Minutes of the Special and Regular City Council Meetings held on September 4, 2007. Approved. (*07-448) Ratified bills in the amount of $12,315,155.77. (07-449) Recommendation to approve Annual Report on the Managed Investment Portfolio. Councilmember Gilmore stated PFM Asset Management and Chandler Asset Management were selected for investment portfolio management in June 2002; the staff report compares PFM Asset Management and Chandler Asset Management returns to the Merrill Lynch benchmark ; inquired whether PFM Asset Management and Chandler Asset Management were compared to previous asset managers, not just benchmarks. The City Treasurer responded staff previously managed the portfolio; stated the City later decided to split the portfolio between the two asset managersi the two asset managers were given the mandate to perform relative to a certain benchmark; typically, management performance is measured versus the benchmark; the City's investment strategies are constrained; managers do not have the opportunity to set themselves far apart from others. Councilmember Gilmore stated that she was not aware that the City changed to private asset management recently; comparing pervious asset managers would have been a good idea if the City had previous asset managers. The City Treasurer stated the Finance Director is in communication with other cities; the County Treasurer stated that the City is on Regular Meeting Alameda City Council 2 September 18, 2007 | CityCouncil/2007-09-18.pdf |