Meeting Minutes
Members:
John Dobrowolski
Mary Ellen Mullen
John Rose, Chair
Staff:
William Nogle, Council Staff
Mamie Marcuss, Council Staff
Gennevie Cook, Committee Assistant
The King County Investment Pool Advisory Panel meeting was called to order at 3:00 p.m. in the Horiuchi Conference Room, King County Courthouse, 516 Third Avenue, Room 1200, Seattle, Washington.
The following Panel Force members were present: John Dobrowolski, Mary Ellen Mullen and John Rose.
Excused: None
1. Welcome and Introductions
John Rose, Chair, welcomed the members; spoke regarding the agenda and informed the members that Council staff was present to help them get started.
Councilmember Bob Ferguson, Chair, Operating Budget, Fiscal Management and Mental Health Committee, thanked the members for serving on the Investment Pool Advisory Panel.
The following members and staff introduced themselves and gave a brief description of what they do: King County Councilmember Bob Ferguson, Mary Ellen Mullen, Panel Member, John Rose, Panel Member, John Dobrowolski, Panel Member, Gennevie Cook, Council Staff, Wendy Soo Hoo, Council Staff, Mike Smith, Investment Officer, Executive Services, Phil Sanders, Treasury Manager, Executive Services, Mamie Marcuss, Council Staff, Patrick Hamacher, Council Staff, William Nogle, Council Staff, and Ken Guy, Finance Director, Finance and Business Operations, Executive Services.
2. Overview of the Investment Pool Advisory Panel
Councilmember Bob Ferguson gave a brief overview of the Investment Pool Advisory Panel.
3. Background Briefing on the Investment Pool
Mamie Marcuss, Council Staff and Ken Guy, Finance Director, Finance and Business Operations, Executive Services, briefed and answered questions of the Panel regarding the Investment Pool.
Mike Smith, Investment Officer, Executive Services, Phil Sanders, Treasury Manager, Executive Services, Bob Cowan, Director, Executive’s Office William Nogle, and Patrick Hamacher, Council Staff, also answered questions of the Panel regarding the Investment Pool.
4. Briefing on the Investment Pool’s Commercial Paper Holdings
Deferred
5. Discussion of Advisory Panel’s Draft Work
Deferred
6. Discussion of Meeting Schedule
John Rose, Chair, discussed with staff and panel members the Panel’s meeting schedule.
Mamie Marcuss, Council Staff, was instructed to follow-up with panel members regarding the next tentative panel meeting for Thursday, December 13, 2007 at 2:30 pm. in the Horiuchi Conference Room.
7. Adjourn
There being no further business, the meeting adjourned at 4:30 p.m.
Respectfully submitted,
Gennevie Cook, Committee Assistant
Meeting Minutes
Members:
John Dobrowolski
Mary Ellen Mullen
John Rose, Chair
Staff:
William Nogle, Council Staff
Mamie Marcuss, Council Staff
Gennevie Cook, Committee Assistant
The King County Investment Pool Advisory Panel meeting was called to order at 2:30 p.m. in the Horiuchi Conference Room, King County Courthouse, 516 Third Avenue, Room 1200, Seattle, Washington.
The following Panel Force members were present: John Dobrowolski, Mary Ellen Mullen and John Rose.
Excused: None
1. Background Briefing on the Investment Pool
Mamie Marcuss, Council Staff and Ken Guy, Finance Director, Finance and Business Operations, Executive Services, briefed and answered questions of the Panel regarding the Investment Pool.
Mike Smith, Investment Officer, Executive Services, Phil Sanders, Treasury Manager, Executive Services, Scott Matheson, Supervisor, Cash Management, Finance and Business Operations, Executive Services, and Patrick Hamacher, Council Staff, also answered questions of the Panel regarding the Investment Pool.
2. Discussion of King County Investment Pool Advisory Panel’s Draft Work Plan
The Advisory Panel discussed with staff the Investment Pool’s Draft Work Plan.
3. Discussion of Possible Topics for Research and Discussion
The Advisory Panel discussed with staff the Possible Topics for Research and Discussion.
4. Adjourn
There being no further business, the meeting adjourned at 4:03 p.m.
Respectfully submitted,
Gennevie Cook, Committee Assistant
Meeting Minutes
Members:
John Dobrowolski
Mary Ellen Mullen
John Rose, Chair
Staff:
William Nogle, Council Staff
Mamie Marcuss, Council Staff
Gennevie Cook, Committee Assistant
The King County Investment Pool Advisory Panel meeting was called to order at 2:40 p.m. in the Horiuchi Conference Room, King County Courthouse, 516 Third Avenue, Room 1200, Seattle, Washington.
The following Panel members were present: John Dobrowolski, Mary Ellen Mullen and
John Rose.
Excused: None
1. Approval of Minutes
Panel member Dobrowolski moved to approve the meeting minutes of December 5, 2007 and December 15, 2007, with the correction on both sets of minutes of Dobrowolski after Members: at the top of the 1st page to the left. The motion passed 3-0.
2. Briefing on Investment Pool Data requested by Advisory Panel
Mike Smith, Investment Officer, Executive Services, and Ken Guy, Finance Director, Finance and Business Operations, Executive Services, briefed and answered questions of the Panel regarding Investment Pool Data.
Peggy Pahl, Senior Deputy Prosecuting Attorney, and Phil Sanders, Treasury Manager, Executive Services, answered questions of the Panel regarding Investment Pool Data.
3. Briefing on Impaired Investment Policy
Ken Guy, Finance Director, Finance and Business Operations, Executive Services, briefed and answered questions of the Panel regarding the Impaired Investment Policy.
Mike Smith, Investment Officer, Executive Services, and Scott Matheson, Supervisor, Cash Management, finance and Business Operations, Executive Services, answered questions of the Panel regarding the Impaired Investment Policy.
4. Briefing on Legality of Outside Management of the Investment Pool
Peggy Pahl, Senior Deputy Prosecuting Attorney, briefed and answered questions of the Panel regarding the Legality of Outside Management of the Investment Pool.
Ken Guy, Finance Director, Finance and Business Operations, Executive Services, and Bob Cowan, Director, Executive’s Office, answered questions of the Panel regarding the Legality of Outside Management of the Investment Pool.
5. Discussion of Work Plan
Deferred
6. Adjourn
There being no further business, the meeting adjourned at 4:35 p.m.
Respectfully submitted,
Gennevie Cook, Panel Assistant
Meeting Minutes
Members:
John Dobrowolski
Mary Ellen Mullen
John Rose, Chair
Staff:
William Nogle, Council Staff
Mamie Marcuss, Council Staff
Gennevie Cook, Committee Assistant
The King County Investment Pool Advisory Panel meeting was called to order at 2:40 p.m. in the Horiuchi Conference Room, King County Courthouse, 516 Third Avenue, Room 1200, Seattle, Washington.
The following Panel members were present: John Dobrowolski, Mary Ellen Mullen and
John Rose.
Excused: None
1. Approval of Minutes
Panel member Mary Ellen Mullen moved to approve the meeting minutes of January 10, 2008, as presented. The motion passed 3-0.
2. Update on Recent Investment Pool Events
Mamie Marcuss, Council Staff, briefed and answered questions of the Panel regarding an Update on Recent Investment Pool Events.
Scott Matheson, Supervisor, Cash Management, Finance and Business Operations, Executive Services, and Mike Smith, Investment Officer, Executive Services, answered questions of the Panel regarding the Investment Pool.
3. Discussion of Advisory Panel Outreach to Pool Participants
The Advisory Panel discussed with staff Outreach to Pool Participants.
4. Discussion of Work Plan
The Advisory Panel discussed with staff the Work Plan.
5. Adjourn
There being no further business, the meeting adjourned at 3:55 p.m.
Respectfully submitted,
Gennevie Cook, Panel Assistant
Meeting Minutes
Members:
John Dobrowolski
Mary Ellen Mullen
John Rose, Chair
Staff:
William Nogle, Council Staff
Mamie Marcuss, Council Staff
Gennevie Cook, Committee Assistant
The King County Investment Pool Advisory Panel meeting was called to order at 2:40 p.m. in the Horiuchi Conference Room, King County Courthouse, 516 Third Avenue, Room 1200, Seattle, Washington.
The following Panel members were present: John Dobrowolski, Mary Ellen Mullen and
John Rose.
Excused: None
1. Approval of Minutes
Panel member John Dobrowolski moved to approve the meeting minutes of January 24, 2008, as presented. The motion passed 3-0.
2. Discussion and Final Approval of Work Plan
The Advisory Panel discussed with staff the Work Plan. The Final Work Plan was approved.
3. Discussion of Distressed Investments: Bifurcation, S&P Rating, Risk Management
The Advisory Panel discussed with staff the Distressed Investments: Bifurcation, S&P Rating and Risk Management.
• Briefings:
- Pool Bifurcation
- Investment Placement Process
Ken Guy, Director of Finance and Business Operations, Executive’s Office, briefed and answered questions of the Panel regarding the Pool Bifurcation and Investment Placement Process.
Mamie Marcuss, Council Staff, Patrick Hamacher, Council Staff, Bob Cowan, Director, Office of Management and Budget, King County Executive’s Office, Scott Matheson, Supervisor, Cash Management, Finance and Business Operations, Executive Services, Mike Smith, Investment Officer, Executive Services and Peggy Pahl, Senior Deputy Prosecuting Attorney, answered questions of the Panel regarding the Pool Bifurcation and Investment Placement Process.
4. Adjourn
There being no further business, the meeting adjourned at 4:00 p.m.
Respectfully submitted,
Genneive Cook, Panel Assistant
Meeting Minutes
Members:
John Dobrowolski
Mary Ellen Mullen
John Rose, Chair
Staff:
William Nogle, Council Staff
Mamie Marcuss, Council Staff
Gennevie Cook, Committee Assistant
The King County Investment Pool Advisory Panel meeting was called to order at 2:04 p.m. in the Horiuchi Conference Room, King County Courthouse, 516 Third Avenue, Room 1200, Seattle, Washington.
The following Panel members were present: John Dobrowolski, Mary Ellen Mullen and
John Rose.
Excused: None
1. Approval of Minutes
Panel member John Dobrowolski moved to approve the meeting minutes of February 7, 2008, as presented. The motion passed 3-0.
2. Review Draft Recommendations on Distressed Investments: Pool Bifurcation, S&P Rating
The Advisory Panel reviewed with staff the draft recommendations relating to Distressed Investments: Pool Bifurcation and S&P Rating.
3. Discussion of Distressed Investments: Risk Management
The Advisory Panel discussed with staff the topic of risk management in the investment pool.
4. Discussion of Investment Practices: Policies, Portfolio, Performance, Risk Management
This item was deferred.
5. Adjourn
There being no further business, the meeting adjourned at 3:59 p.m.
Respectfully submitted,
Genneive Cook, Panel Assistant
Meeting Minutes
Members:
John Dobrowolski
Mary Ellen Mullen
John Rose, Chair
Staff:
William Nogle, Council Staff
Mamie Marcuss, Council Staff
Gennevie Cook, Committee Assistant
The King County Investment Pool Advisory Panel meeting was called to order at 2:04 p.m. in the Horiuchi Conference Room, King County Courthouse, 516 Third Avenue, Room 1200, Seattle, Washington.
The following Panel members were present: John Dobrowolski, Mary Ellen Mullen and
John Rose.
Excused: None
Other Attendees:
-Ken Guy, Director, Finance and Business Operations, King County Executive Services
-Mike Smith, Investment Officer, King County Executive Services
-Phil Sanders, Treasury Manager, King County Executive Services
-Patrick Hamacher, King County Council Staff
1. Approval of Minutes
Panel member Mary Ellen Mullen moved to approve the meeting minutes of February 14, 2008, as presented. The motion passed 3-0.
2. Re-evaluate Work Plan
The Advisory Panel reviewed and discussed with staff the Panel’s Work Plan.
3. Discussion on Risk Management
The Advisory Panel discussed the topic of risk management and made several potential recommendations.
4. Discussion on Investment Practices: Portfolio, Performance, and Risk Management
Discussion of Business Practices: Staffing, Process
The Advisory Panel discussed various topics relating to investment and business practices and made several potential recommendations.
5. Discussion on Investment Practices and Business Practices
The Advisory Panel discussed which items will be discussed at the next Panel meeting.
6. Adjourn
There being no further business, the meeting adjourned at 4:17 p.m.
Respectfully submitted,
Gennevie Cook, Panel Assistant
Meeting Minutes
Members:
John Dobrowolski
Mary Ellen Mullen
John Rose, Chair
Staff:
William Nogle, Council Staff
Mamie Marcuss, Council Staff
Gennevie Cook, Committee Assistant
The King County Investment Pool Advisory Panel meeting was called to order at 2:04 p.m. in the Horiuchi Conference Room, King County Courthouse, 516 Third Avenue, Room 1200, Seattle, Washington.
The following Panel members were present: John Dobrowolski, Mary Ellen Mullen and
John Rose.
Excused: None
Other Attendees:
-Ken Guy, Director, Finance and Business Operations, King County Executive Services
-Mike Smith, Investment Officer, King County Executive Services
-Phil Sanders, Treasury Manager, King County Executive Services
-Jacob Kuper, Issaquah School District
-Martin Turney, Issaquah School District
-Grace Yuan, K&L Gates
-Patrick Hamacher, King County Council Staff
1. Approval of Minutes
Panel member Mary Ellen Mullen moved to approve the meeting minutes of February 27, 2008, as amended. The motion passed 3-0.
2. Review Draft Recommendations
Deferred
3. Discussion of Investment Practices:
• Policies.
• Performance.
Deferred
4. Discussion of Business Practices:
• Technology.
• Accounting Methodology.
Deferred
5. Pool Participant Relationship:
• Fee Structure.
• Contracts.
• Representation.
• Communications.
• Support Service Model.
The Advisory Panel discussed with staff and attendees various topics relating to the pool participant relationship.
6. Other Business
• Reminder of Friday’s Conference Call with State Street Bank
The Advisory Panel was reminded of the Conference Call with State Street Bank on Friday,
March 7, 2008 at 9:00 a.m. in the Southwest Conference Room.
7. Adjourn
There being no further business, the meeting adjourned at 4:00 p.m.
Respectfully submitted,
Gennevie Cook, Panel Assistant