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Civic Center <br />835 East 14th Street <br />San Leandro, California <br />City of San Leandro <br />Draft Minutes <br />Finance Committee <br />Mayor Pauline Russo Cutter <br />Councilmember Ed Hernandez <br />Councilmember Benny Lee <br />5:30 PM City Hall, Sister Cities GalleryTuesday, March 5, 2019 <br />CALL TO ORDER1. <br />5:30pm <br />Attendance1.A. <br />Staff: Mayor Cutter, Councilmember Hernandez, Councilmember Lee, City <br />Manager Kay, Assistant City Manager Warmerdam, Deputy City Manager <br />Engelbart, Finance Director Baum, Budget & Compliance Manager Perini, <br />Police Business Manager Koll, Project Coordinator Diaz <br />Public: Carlos Oblites, Jim Prola, Maureen Forney, Deborah Hirsch, Carol <br />Bardoff, David Bardoff <br />Announcements1.B. <br />N/A <br />DISCUSSION ITEMS2. <br />2.A.19-136 Discussion of City’s Investment Policy <br />City Manager Kay reminded the Committee that at the January 8, 2019 <br />meeting, staff was asked to work with Chandler Asset Management regarding <br />investments that are socially acceptable. <br />Finance Director Baum also reminded the Committee of the three (3) major <br />guidelines of the City of San Leandro's Investment Policy: Safety, Liquidity, <br />and Yield. Chandler Asset has been assisting staff with updating the policy and <br />incorporating socially responsible language. The City will avoid investments <br />in tabacco, gun manufacturing, fossil fuel, and private prisons. Currently the <br />City has two investments in fossil: Exxon and Chevron, and make up only 1% of <br />the City's investment. The investment of Exxon will mature within a month and <br />the Chevron investment will mature by 2021. <br />Carlos Oblites of Chandler Asset Investment stated if the City were to sell the <br />investments early, there will be a loss of $2,000-$3,000. <br />Maureen Forney stated that she is concerned in migrant child detention <br />centers and that should also be included in the Investment Policy as something <br />that the City should not be a part of. <br />Page 1City of San Leandro Printed on 3/26/2019