HomeMy WebLinkAboutMINUTES - 06051984 - X.16 �1
THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA
Adopted this Order on June 5, 1984 , by the following vote:
AYES: Supervisors Powers, Fanden, Schroder, McPeak, Torlakson
NOES: None
ABSENT: None
ABSTAIN: None
SUBJECT: Allocations to the County' s Reserves for
Contingencies and Self-Insurance Trust Funds
Supervisor R. I. Schroder referred. to the impact of the
budget deficit and the County' s depleted reserve funds upon bond
ratings for short-term County securities. He expressed concern that
with the lowered rating, the ability of the County to market its
securities and/or attract investors is being seriously impeded. If
the situation is not remedied in the immediate future, the County
will be required to borrow at higher interest rates and incur
increased interest costs. Supervisor Schroder advised that as
Chairman of the Finance Committee, he is committed to adoption of
appropriate measures to increase reserves to an appropriate level in
order to return the County' s credit rating to its former high level.
On recommendation of Supervisor Schroder, IT IS BY THE
BOARD ORDERED that the Treasurer-Tax Collector and Auditor-Controller
are REQUESTED to prepare a report for presentation at the June 25,
1984 Finance Committee meeting relative to the amount of money that
should be allocated to the' Reserve for Contingencies to restore the
County' s bond rating to its former preferred high level.
IT IS FURTHER ORDERED that the County. Administrator is
REQUESTED to advise the Finance Committee as to the amount of money
that should be allocated to the County' s Reserves for Contingencies
and self-insurance trust funds.
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: T!9 8�
J.R. OLSSON, COLPO:if CLERK
and ex officio CtcrN of tho Board
By . Deputy
cc: Treasurer-Tax Collector
Auditor-Controller
County Administrator
00 3115-