HomeMy WebLinkAboutMINUTES - 12142010 - C.127RECOMMENDATION(S):
APPROVE the delegation of authority to the County Treasurer for investing and reinvesting
County funds and the funds of other depositors in the County treasury, or to sell or
exchange securities so purchased, pursuant to section 53607 of the State Government Code.
FISCAL IMPACT:
The County Treasurer manages and invests the funds of all County agencies, 19 Special
Districts, 19 School Districts, and 1 Community College District. Centralizing this function
creates a dedicated staff of investment professionals and creates greater efficiency,
economies of scale, and greater investment power.
BACKGROUND:
State law provides that the Board of Supervisors may delegate to the County Treasurer the
authority "to invest or to reinvest funds of a local agency. or to sell or exchange securities so
purchased" for a one year period. It is recommended that this delegation be renewed
through the calendar year 2011.
APPROVE OTHER
RECOMMENDATION OF CNTY
ADMINISTRATOR
RECOMMENDATION OF BOARD
COMMITTEE
Action of Board On: 12/14/2010 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I
Supervisor
Gayle B. Uilkema, District II
Supervisor
Mary N. Piepho, District III
Supervisor
Federal D. Glover, District V
Supervisor
Contact: Meredith Boeger
925-957-2806
I hereby certify that this is a true and correct copy of an action taken and entered on the minutes
of the Board of Supervisors on the date shown.
ATTESTED: December 14, 2010
David J. Twa, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc:
C.127
To:Board of Supervisors
From:William J. Pollacek, Treasurer-Tax Collector
Date:December 14, 2010
Contra
Costa
County
Subject:Delegation of Investment Authority to County Treasurer for Calendar Year 2011
CONSEQUENCE OF NEGATIVE ACTION:
If the Delegation of Authority is not approved each of the County Agencies, 19 Special
Districts, 19 School Districts, and 1 Community College District would have to invest and
manage their own funds. This would be less cost efficient for all entities.
CHILDREN'S IMPACT STATEMENT:
None.