Local Agency Investment Fund Annual Conference

Recommendation

It is recommended that City Council receive and file report.

Background

On September 17th and 18th, I attended the annual conference in Sacramento of the Local Agency Investment Fund, L.A.I.F. The two day conference was a very worthwhile event. The Chief Deputy Treasurer, Don Maddy, gave the welcome/opening address followed by the introduction of the L.A.I.F. Advisory Board.

An interesting address by William Dudley, managing Director of the U.S. Economic Research for Goldman Sach, gave forecasts and directions of the economy from his perspective. His comments pertaining to warning signs and trends, both favorable and negative, were of timely interest.

The L.A.I.F. Director of investments, Bill Sherwood, spoke on the diverse investment strategies of L.A.I.F. He also reassured many of those attending from the Orange County Fund that the safety of the State Fund is of the utmost concern.

The Senior Director from Fitch IBCA, a familiar rating firm, spoke on the importance of prudent investment with the use of an independent rating service.

The two-day event also included a tour of the L.A.I.F. Department and meeting many of the staff that were previously only "voices." I found the Conference to be very timely, informative and educational. None of the expenses for travel, Conference registration, or lodging are at City expense.

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