HomeMy WebLinkAboutMINUTES - 12082015 - C.92RECOMMENDATION(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 2016.
CONSEQUENCE OF NEGATIVE ACTION:
The County Treasurer would be unable to exercise his full authority in calendar year 2016, thereby negatively
impacting County funds and the funds of other depositors in the County treasury.
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 12/08/2015 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I Supervisor
Candace Andersen, District II
Supervisor
Mary N. Piepho, District III
Supervisor
Karen Mitchoff, District IV
Supervisor
Federal D. Glover, District V
Supervisor
Contact: Brice Bins, 925
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 8, 2015
David Twa, County Administrator and Clerk of the Board of Supervisors
By: Stacey M. Boyd, Deputy
cc:
C. 92
To:Board of Supervisors
From:Russell Watts, Treasurer-Tax Collector
Date:December 8, 2015
Contra
Costa
County
Subject:Delegation of Investment Authority to the County Treasurer for Calendar Year 2016