REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF SAN BERNARDINO COUNTY
AND RECORD OF ACTION
June 28, 2022
FROM
ENSEN MASON, Auditor-Controller/Treasurer/Tax Collector
SUBJECT
Title
Treasurer’s Statement of Investment Policy
End
RECOMMENDATION(S)
Recommendation
1. Renew Treasurer’s authority to invest pursuant to Government Code Sections 27000.1 and 53607.
2. Approve the Treasurer’s Statement of Investment Policy.
(Presenter: John Johnson, Chief Deputy Treasurer, 382-3002)
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
California Government Code (CGC) Sections 27000.1 and 53607 provide for an annual renewal by the Board of Supervisors of its delegation of investment authority to the County Treasurer. Approval of Recommendation No. 1 will effectuate this renewal of authority.
On June 21, 2022, the Treasury Oversight Committee reviewed revisions to the County Investment Policy as recommended by the Treasurer and noted no exceptions to the Treasurer’s recommendations. The major changes recommended by the Treasurer include revisions to Section 31.0. Authorized Investments (Schedule 1) as follows:
• Increase the authorized limit from 10% to 15% on Medium-Term Corporate Notes over 13 months in tenor, with a maximum 20% limit for all tenor exposure, in accordance with Government Code Section 53601(k).
• Increase the authorized limit from 10% to 15% on Asset-Backed Securities, in accordance with Government Code Section 53601(o).
Approval of Recommendation No. 2 will approve the Treasurer’s Statement of Investment Policy, as detailed in the attachment.
PROCUREMENT
Not applicable
REVIEW BY OTHERS
This item has been reviewed by County Counsel (Julie Surber, Principal Assistant County Counsel, 387-5455) on June 14, 2022; Finance (Carl Lofton, Administrative Analyst, 387-5404) on June 22, 2022; and County Finance and Administration (Paloma Hernandez-Barker, Deputy Executive Officer, 387-5426) on June 22, 2022.