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Conejo Recreation & Park District <br />GENERAL MANAGER BOARD OF DIRECTORS <br />Jim Friedl Doug Nickles, Chair <br />Nellie Cusworth, Vice Chair <br />George M. Lange <br />Susan L. Holt, Director <br />Chuck Huffer, Director <br />GENERAL MANAGER EMERITUS <br />Tex Ward <br />DATE: April 1, 2021 <br />TO: Board of Directors <br />FROM: Jim Friedl, General Mana e <br />SUBJECT: Review and Approvalof Financi I Investment Consultant and Revenue Generating <br />Projects <br />RECOMMENDATION <br />1. Retain Financial Investment Consultant <br />2. Approve the District's Revenue Generating Projects, including proposed budget appropriations <br />and vehicle purchase. <br />BACKGROUND <br />In order to fulfill its mission, the Conejo Recreation and Park District must be financially stable. A well-worn <br />path to financial stability is revenue generation. Revenue generation is critical to provide adequate funding <br />to meet the District's short-term and long-term goals. The District has plans to annex new territory and <br />has several facilities in need of repair and upgrades as well as other needed capital funding projects <br />that lack funding. Staff has developed multiple revenue generating projects to address this shortfall. <br />1. Mernie Badoff Project. The District has hired Mernie Badoff as the new investment manager. <br />Mernie is an American financier who was a pioneer in electronic trading and chairman of the <br />NASDAQ in the early 1990s. Badoff claims to generate large steady returns through an <br />investing strategy called a modified split -strike conversion. <br />Staff proposes appropriating the remaining reserves to Mernie Badoff. <br />2. Inrun Project. Inrun was praised for its expansions and ambitious projects, and it was named <br />"America's Most Innovative Company" by Fortune for six consecutive years. Inrun has a <br />proprietary strategy including unique and novel holdings and accounting practices too <br />complicated to appear on traditional financial statements. <br />Staff recommends removing investments from LAIF and Ventura County and investing them in <br />Inrun. <br />ADMINISTRATIVE OFFICES <br />403 West Hillcrest Drive, Thousand Oaks, CA 91360-4223 <br />805-495-6471 1 Fax: 805-497-3199 1 parks@crpd.org 1 www.crpd.rg <br />