December 10, 2021 Treasury Oversight Committee meeting

Friday, December 10, 2021

In this page:

    Overview

    Members of the public will have opportunities to participate during public comment. We ask that the public wait for the agenda item before making a comment on that item. Comments will be addressed in the order they are received. When the moderator announces that the Commission is taking public comment, members of the public can:

    1. Raise hand by pressing *3 and you will be queued.
    2. Callers will hear silence when waiting for your turn to speak. Operator will unmute you.
    3. When prompted, callers will have the standard three minutes to provide comment.

    • Ensure you are in a quiet location
    • Speak clearly
    • Turn off any TVs or radios around you

    Agenda

    1. Call to Order and Roll Call

      The meeting was called to order at 9:05 a.m. by Todd Rydstrom, Deputy Controller. Other participants included Aimee Brown, Kevin Kone, Brenda Kwee McNulty, and Eric Sandler. Meghan Wallace was absent. Deputy Controller Rydstrom read the statement regarding the Ramaytush Ohlone and the affirmation of their sovereign rights as First People that is located at the beginning of the meeting agenda.

    2. Discussion and Action to Approve Minutes

      The minutes of the October 15, 2021 meeting were unanimously approved. There was no public comment.

    3. Discussion and Action to Approve Three Findings: Teleconferenced Meetings
      1. Each body must find that it has considered (or reconsidered) the circumstances of the state of emergency; and either,
      2. That the state of emergency continues to directly impact the ability of members to meet safely in person, or
      3. That state or local officials continue to impose or recommend measures

      The Committee discussed and approved the three findings regarding teleconferenced meetings. There was no public comment

    4. Review of the Treasurer’s Recent Investment Performance

      Hubert White, Chief Investment Officer, provided a review of the Treasurer’s recent investment performance from the report dated October 2021. As expected, the COVID pandemic continues to have a strong impact on the economy and markets as the improvement halts and the Omicron Variant is detected in 17 U.S. states. The COVID variants are also presenting a greater concern for economic growth per key economic data (gross domestic product, the Producer Price Index vs. the Consumer Price Index, employment, and jobless claims).

      The labor market was held back by a lack of willing workers. Treasury yields jumped on accelerated rate hike expectations. Other yield rates were also reviewed. There was no change in the portfolio considerations.

      Other updates and discussion that included: strategic considerations, an economic outlook, pooled fund review, portfolio considerations and investment pool participation trends and results.

      Mr. White also provided TTX Department Updates that included:

      • Investment Accounting Software Implementation; and
      • Contract Negotiations for new CCSF Banking Partners.

      There was no public comment

    5. Public Comment
    6. Adjournment

      Committee members Eric Sandler and Kevin Kone will be leaving the Committee at the end of the year. Mr. Sandler is retiring. Mr. Kone will move on to other duties and will be replaced by the new Airport CFO.

      The meeting dates for 2022 will be distributed later today.

      The meeting was adjourned at 9:48 a.m.

    Date & Time

    Friday, December 10, 2021
    9:00 am to 10:00 am

    Online

    Phone

    For public comment:

    Event number: 2487 103 6571

    Disability access

    Disability access

    City Hall, 1 Dr. Carlton B. Goodlett Place, is wheelchair accessible.

    The closest accessible BART Station is Civic Center, three blocks from City Hall. Accessible MUNI lines serving this location are: #47 Van Ness, and the #71 Haight/Noriega and the F Line to Market and Van Ness and the Metro stations at Van Ness and Market and at Civic Center. For more information about MUNI accessible services, call 923-6142.

    There is accessible parking in the vicinity of City Hall at Civic Center Plaza and adjacent to Davies Hall and the War Memorial Complex.

    The following services are available when requests are made by 12:00 p.m. of the Friday before the Committee meeting. Providing at least 48 hours' notice will help to ensure availability. For American Sign Language interpreters, use of a reader during a meeting, sound enhancement system, or for a large print copy of agenda or minutes in alternative formats, contact Maura Lane at (415) 554-7502.

    In order to accommodate persons with severe allergies, environmental illness, multiple chemical sensitivity or related disabilities, attendees at public meetings are reminded that other attendees may be sensitive to various chemical based products.

    Electronic devices

    Electronic devices

    The ringing of and use of cell phones, pagers and similar sound-producing electronic devices are prohibited at this meeting. Please be advised that the Chair or the Interim Chair may order the removal from the meeting room of any person(s) responsible for the ringing or use of a cell phone, pager, or other similar sound-producing electronic devices.

    Ancestral homeland acknowledgment

    Ancestral homeland acknowledgment

    We acknowledge that we are on the unceded ancestral homeland of the Ramaytush Ohlone who the original inhabitants of the San Francisco Peninsula are. As the indigenous stewards of this land and in accordance with their traditions, the Ramaytush Ohlone have never ceded, lost nor forgotten their responsibilities as the caretakers of this place, as well as for all peoples who reside in their traditional territory. As guests, we recognize that we benefit from living and working on their traditional homeland. We wish to pay our respects by acknowledging the ancestors, elders, and relatives of the Ramaytush Community and by affirming their sovereign rights as First Peoples.

    Last updated July 6, 2022

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