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1.	INDEPENDENT APPRAISAL OF PORTFOLIO MARKET VALUE AS PART OF AUDIT Recommendation: Finish discussion begun at prior meeting regarding this audit procedure.

2.

RE-CONFIRM MOVING OFFICIAL IPAC SCHEDULE TO QUARTERLY, AT 3:00 PM, ON THE WEDNESDAYS THAT FALL CLOSEST TO, BUT NOT LATER THAN, THE 45TH DAY AFTER THE END OF THE QUARTER. Recommendation: Request Staff to submit resolution approved at the April 19, 2023, IPAC Meeting for City Council to approve at the earliest possible future meeting.

3.	STATUS UPDATE ON INVESTMENT POLICY FOR FY 2024 - 2025 Recommendation: Update Committee Members

4.

STATUS UPDATE- MEETINGS WITH CURRENT PVE BROKERS OF RECORD; SELECT PREFERRED BROKERS Recommendation: Postpone meetings with brokers until 2025. Discuss qualifications of and experience with current brokers. Consider whether, given the City’s trading volume and support needs, 4 brokers of record is too many. Recommend next steps.

5.

REVISED PROCEDURES TO ENSURE INVESTMENT REPORTS ARE SUBMITTED ON A TIMELY BASIS. Recommendation: Review changes proposed at the May 29 meeting regarding changes to current/past practices regarding submission of monthly and quarterly investment reports to Council. Request suggestions and assistance from staff and submit final recommendations for new procedures to the City Manager and City Council.

6.

STATUS UPDATE - DIVESTITURE OF LOW-YIELD HOLDINGS. Recommendation: Review and make recommendation regarding sales of certain, older, very low-yield positions a loss to take advantage of the potential to capture higher rates going forward. Evaluate estimated cash impact as well as other implications. Depending on recommendation, develop proposal to take to City Council.

7.	ROTATION OF COMMITTEE MEMBERS; INTRODUCTION AND FAREWELL Recommendations:

a)	New Member James Watson – Welcome, administer oath of office and discuss orientation

b)	Departing Member Brian O’Sullivan – Thanks and best wishes as he departs for the FAC

8.	INVESTMENT REPORT FOR THE QUARTER ENDED JUNE 30, 2024 Recommendation: Review, approve and request staff to submit to City Council for approval at the next meeting.

Staff Report 

Attachment A - Exhibit A 

Attachment B - Exhibit B 

Attachment C- Exhibit C 

Attachment D- Exhibit D 

9.	FUTURE AGENDA ITEMS Recommendation: • Developing annual/quarterly cash flow forecasts. • Revising monthly/quarterly reports to model best practices. • Comparing PVE's portfolio to those of "similar" cities and best practices.