REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF THE COUNTY OF SAN BERNARDINO
AND RECORD OF ACTION
June 22, 2021
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 May 25, 2021, 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 are:
* Make the following changes to Section 13.0. Prohibited Investments:
o Bring the language for prohibited investments in line with recent changes to Government Code Section 53601.6, which allows for the purchase of securities issued or backed by the United States Government that could result in zero or negative-interest accrual if held to maturity, in the event of and for the duration of, a period of negative market interest rates. (SB 998 Moorlach, 2020)
o Remove references and restrictions on private placement investments and other investment types due to U.S. Securities and Exchange Commission rules changes.
Approval of Recommendation No. 2 will approve the Treasurer's Statement of Investment Policy, as detailed ...
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