HomeMy WebLinkAboutMINUTES - 04111995 - 2.1 BOARD OF SUPERVISORS
Contra
FROM: Alfred P. Lomeli, Costa
Treasurer-Tax Collector ots
y.. County
DATE: April 11, 1995
SUBJECT: INVESTMENT OVERSIGHT COMMITTEE
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
1. Establish an Investment Oversight Committee (IOC) for the purposes of:
• reviewing the County's Investment Policy;
• regularly monitoring the County Investment Pool's performance; and
reporting on the pool's performance to the Board of Supervisors.
2. _Constitute the Investment Oversight Committee of seven members with the Treasurer, County
Administrator, Auditor-Controller, and County Counsel serving as ex-officio members. The fifth
member shall be a representative of the County Board of Supervisors, or if a representative of
the Board is not available, the Board shall appoint or hire a Certified Financial Advisor. The sixth
and seventh members shall be representatives of entities that invest their funds in the Pool.
BACKGROUND:
On December 6, 1994, the Board of Supervisors requested a workshop on the county investment
policies be scheduled. On March 14, 1995, the County Treasurer presented a workshop on the
County's Investment Pool. During the workshop, the past investment policies and practices of the
County, the current investment portfolio and revised interim investment strategies and policies were
discussed. Various exhibits, tables, news articles and other pertinent information were provided to
illustrate, analyze and explain the safety and integrity of the portfolio of Contra Costa County's
Investment Pool.
CONTINUED ON ATTACHMENT: X YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON f�`�`� APPROVED AS RECOMMENDED OTHER
EXPRESSED support for the concept of the establishment of an Investment
Oversight Committee; REFERRED the matter to the Internal Operations
Committee for review and report on issues including membership
composition and reporting procedure.
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A TRUE
-UNANIMOUS(ABSENT
r ) AND CORRECT COPY OF AN ACTION TAKEN
ATr
YES: LIE ]TT J�NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN.
Media Contact: Alfred P. Lomeli (646-4125) ��� �
CC: CAO ATTESTED 11
County Auditor-Controller PHIL BATCHELOR,CLERK OF THE BOARD OF
County Counsel SUPERVISORS AND COUNTY ADMINISTRATOR
Treasurer-Tax Collector
L u-
M382 (10/88)
BY DEPUTY
1
REASON FOR RECOMMENDATION:
Due to the Orange County bankruptcy and the impact on the other 57 California counties, the County
Treasurer, the State Legislature and the California Association of County Treasurers and Tax Collectors
recommend the formation of county oversight committees. The committees would be responsible for
adopting investment policies, conducting audits to ensure compliance, determining appropriate
investment broker and dealer relationships, defining how public entities outside the jurisdiction of the
county treasury could or could not participate in the pool, and governing the withdrawal from the county
pools of monies by local governments for investment purposes.
0
DATE:
REQUEST To SPEAK FORm
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addressing the Board.
NAME: 6 /-Peel ye1iM W/K Glcz-c PHONE: C CO7
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El .
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Date:
REQUEST TO SPEAK FORM
(Two [2] Minute Limit)
Complet is orm and place it in e bo near the speakers' rostrum before addressing the Board.
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