REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF SAN BERNARDINO COUNTY
AND RECORD OF ACTION
June 27, 2023
FROM
ENSEN MASON, Auditor-Controller/Treasurer/Tax Collector
SUBJECT
Title
Delegation of Treasurer's Investment Authority
End
RECOMMENDATION(S)
Recommendation
Renew the Treasurer’s authority to invest pursuant to Government Code sections 27000.1 and 53607.
(Presenter: John Johnson, Assistant Auditor-Controller/Treasurer/Tax Collector, 382-7004)
Body
COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Operate in a Fiscally-Responsible and Business-Like Manner.
FINANCIAL IMPACT
Approval of this item will not impact Discretionary General Funding (Net County Cost).
BACKGROUND INFORMATION
On June 28, 2022 (Item No. 30), the Board of Supervisors (Board) renewed the Treasurer’s investment authority and approved the Treasurer’s Statement of Investment Policy. Historically, these two actions have been recommended on the same item; however, this year they are being presented as two separate items at the current Board meeting. The Treasury Oversight Committee (TOC) recommended this change at its quarterly meeting on March 21, 2023, so that the annual renewal of the Treasurer’s investment authority is no longer tied to the approval of the investment policy, which requires additional levels of review. This change ensures compliance with the statutory annual requirement to renew the delegation of investment authority within 365 days.
California Government Code sections 27000.1 and 53607 provide for an annual renewal by the Board of its delegation of investment authority to the County Treasurer, who is responsible for the management and investment of the County Treasury Pool. Statutory authority for the investment and safekeeping functions are found in California Government Code sections 53600 et seq. and 53630 et seq. The recommended action will effectuate this renewal of authority.
PROCUREMENT
N/A
REVIEW BY OTHERS
This item has been reviewed by County Counsel (Kristina Robb, Deputy County Counsel, 387-5455) on May 12, 2023; Finance (Penelope Chang, Administrative Analyst, 387-4886) on May 20, 2023; and County Finance and Administration (Paloma Hernandez-Barker, Deputy Executive Officer, 387-5423) on June 9, 2023.