REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF THE COUNTY OF SAN BERNARDINO
AND RECORD OF ACTION
June 8, 2021
FROM
ENSEN MASON, Auditor-Controller/Treasurer/Tax Collector
SUBJECT
Title
Agreement with Fitch Ratings, Inc. for Investment Ratings
End
RECOMMENDATION(S)
Recommendation
Approve Fee Agreement with Fitch Ratings, Inc. for the provision of investment ratings for the San Bernardino County Investment Pool for the five-year term of July 1, 2021, through June 30, 2026, in an annual amount not to exceed $17,500 for the first three years, $18,500 for the fourth year, and $19,500 for the fifth year; for a total contract amount not to exceed $90,500.
(Presenter: John Johnson, Chief Deputy Treasurer, 382-3002)
Body
COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Improve County Government Operations.
Operate in a Fiscally-Responsible and Business-Like Manner.
FINANCIAL IMPACT
This item will not result in the use of additional Discretionary General Funding (Net County Cost). Investment pool management costs, including the cost of the recommended agreement with Fitch Ratings, Inc. (Fitch Ratings), are deducted from pooled fund earnings prior to interest earnings apportionment in accordance with California Government Code Section 27013. Sufficient appropriation and revenue have been included in the Auditor-Controller/Treasurer/Tax Collector's 2020-21 budget and will be included in future recommended budgets.
BACKGROUND INFORMATION
The San Bernardino County Investment Pool is made up of property tax dollars and local government agency funds. Together, they constitute the treasury for all of the County's school districts, community college districts, County departments, water districts, and Board of Supervisors governed special districts. The Treasurer is responsible for holding and safely investing the pooled funds for the County and over 200 local agencies depositing funds into the pool.
Since 1998, the County's Investment Po...
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