HomeMy WebLinkAboutMINUTES - 12042012 - C.16RECOMMENDATION(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, 21 Special Districts, 19 School Districts
and one 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 2013.
CONSEQUENCE OF NEGATIVE ACTION:
If the Delegation of Authority is not approved, each of the County Agencies, 19 Special Districts, 19 School Districts
and one Community College District would have to manage their own funds. This would be less cost efficient for all
entities.
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD
COMMITTEE
Action of Board On: 12/04/2012 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYES 5 NOES ____
ABSENT ____ ABSTAIN ____
RECUSE ____
Contact: Brice Bins, 957-2848
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 4, 2012
David J. Twa, County Administrator and Clerk of the Board of Supervisors
By: Stacey M. Boyd, Deputy
cc:
C. 16
To:Board of Supervisors
From:Russell Watts, Treasurer-Tax Collector
Date:December 4, 2012
Contra
Costa
County
Subject:Delegation of Investment Authority to County Treasurer
CHILDREN'S IMPACT STATEMENT:
Not applicable.