pages: CityCouncil/2015-02-03.pdf, 7
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CityCouncil | 2015-02-03 | 7 | second month after the quarter end in September; Alameda does not receive the data until the middle of September. Vice Mayor Matarrese stated the issue is the time required to prepare the report in order to comply with Alameda's Sunshine Ordinance. The City Manager stated the Sunshine Ordinance adds 12 days to the original 15-day process. Councilmember Oddie inquired whether Alameda's investment policy regarding cigarette, alcohol or gambling is a Council discretion, to which the Interim Finance Director responded in the affirmative; stated the investment policy is a document that comes before the Council each year and is reviewed by the City Treasurer and staff; new laws that have been passed are reviewed; the California Debt Advisory Commission makes recommendations. Councilmember Oddie stated that he hopes Alameda can be more socially responsible investing money. The City Manager stated investments are purely a policy issue; it is appropriate for Council to bring investment policy forward, not staff. In response to Councilmember Oddie's inquiry the Interim Finance Director stated the investment policy regarding cigarette, alcohol, and gambling came about as a policy action by Council. Councilmember Daysog stated that he prefers security and safety over returns; Alameda has always followed instruments with low volatility and a safe holding; he does not want what happened to Orange County in the 1990's to happen in Alameda. The Interim Finance Director stated all the State laws referred to have been as a result of what happened in Orange County. Councilmember Daysog stated that he is interested in which long term instruments for non-federal agencies Alameda is invested in. Vice Mayor Matarrese inquired whether Alameda is tracking book value versus market value. The Interim Finance Director responded in the affirmative; stated Alameda's portfolio managers track to ensure values stay within reason; if the market starts to drop the managers will start liquidating. In response to Vice Mayor Matarrese's inquiry, the Interim Finance Director stated staff will ask the investment advisors to include a conclusion statement in subsequent reports to indicate Alameda's trend; however, it would not be included in the next report. Regular Meeting Alameda City Council 7 February 3, 2015 | CityCouncil/2015-02-03.pdf |