Laguna Beach Citizens' Audit Review and Investment Advisory Committee - June 14, 2023

June 14, 2023

Executive Summary

- The Citizens' Audit Review and Investment Advisory Committee met on June 14, 2023, to review the City's investment strategies, approve meeting minutes, and select new leadership. - The Committee reviewed the Fiscal Year 2021-22 Annual Comprehensive Financial Report (ACFR) and audit letters from the outside auditor regarding investment policy compliance. - Presentations on the City's investment strategies were delivered by Chandler Assets Management and Stifel Investment Services. - The Committee discussed adding the California Management Program (CAMP) as an alternative to the Local Agency Investment Fund (LAIF) for investing South Laguna Beaches funds. - The Committee provided feedback on the 2023 Draft Investment Policy and reviewed the April 2023 Investment Report. - New Committee leadership positions (Chair and Co-Chair) were selected during the meeting. - The Committee reviewed and approved minutes from two previous meetings: September 28, 2022 Committee Meeting and November 29, 2022 Investment Advisory Meeting.

Key Decisions

- Approval of minutes from the September 28, 2022 Committee Meeting (agenda item 3.1) - Approval of minutes from the November 29, 2022 Investment Advisory Meeting (agenda item 3.2) - Selection of a Committee Chair and Co-Chair (agenda item 5.6) - Review and approval of the 2022 Report of the Outside Auditor on Investment Compliance with the Investment Policy (agenda item 5.4)