|
Back to Calendar
Return
|
| |
Consent-General Government # 18.
|
| Board of Supervisors |
Financial Services |
|
|
|
| Subject |
| Approve 2016 Investment Policy. (No general fund impact) (Newens) |
| Recommended Action |
| Approve the calendar year 2016 Investment Policy for the County. |
| Strategic Plan Goal(s) |
Operational Excellence
|
| Reason for Recommended Action/Background |
Government Code Section 53646 provides that the County Treasurer (presently Chief Financial Officer) may render to the Board of Supervisors and any oversight committee a statement of investment policy, which the Board shall review and approve at a public meeting. The attached policy statement (Att. A - 2016 Investment Policy Clean Draft) was distributed to, and reviewed by, the Financial Oversight Committee during November, 2015. The policy is now being submitted to the Board for approval.
The key changes involve additional clarification of certain unhealthy trends that the County Treasurer should monitor for while performing cash management, clarifying the Treasurer-Tax Collector's ability to deposit funds not invested for safekeeping in banks, credit unions and savings associations in accordance with California Government Code 53635.2, and adding the Demeter Endowment to those portfolios in the investment policy that are allowed to be invested in excess of 5 years. This was previously approved by the Board of Supervisors in Resolution 13-93.
These revisions are highlighted in (Att. B - 2016 Investment Policy Redlined Draft). |
| Collaborations (including Board advisory groups and external partner agencies) |
| The Policy was reviewed by the Financial Oversight Committee during the month of November, 2015. The Policy was also discussed and reviewed by the County's Investment Advisor, PFM. |
|
| Fiscal Impact |
|
|
| Source of Funds for this Expenditure |
|
|
|
|
|
|
|