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TO:
Contra BOARD OF SUPERVISORS '_ ''' � Costa
uu County
FROM: Supervisor Joseph Canciamilla �
Supervisor John Gioia
r• s,.
STATE: April 20, '1999
SUBJECT, REFER TO THE FINANCE COMMITTEE THE ISSUE OF REVIEWING COUNTY
INVESTMENT POLICIES
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)AND JUSTIFICATION
RECOMMENDED ACTION:
I. Refer to the Finance Committee the issue of reviewing county investment policies,
specifically with regard to the County's institutional use policy.
2. Request that the Finance Committee review current investment policies and determine
whether the County should adopt a formal policy which provides that the County only
utilize those financial institutions which are regarded as good neighbors and partners
with the community,
3. Review the the request of the United Steelworkers of America that the County withdraw
its business from Wells Fargo Sank, consider a board action or referral'.
BACKGROUND INFORMATION:
Contra Costa County maintains substantial deposits in local financial institutions. Some of the
businesses have a good record of supporting the greater needs of the community; others do not.
The question presented here is: Should the Board of Supervisors adopt a policy of only utilizing
financial institutions which are recognized as being good partners with the County, and the
community in general?
There are times when the County, like any other large customer, may agree or disagree with
the investment policy of their bank. If a substantial disagreement arises, then the County should be
able to express that concern by notifying the bank and later, if determined necessary, withdrawing it's
business.
There is currently a major dispute between 'Wells Fargo Bank and the United Steelworkers of
America over Wells Fargo's support of Oregon Steel. bather than reacting to only that specific case,
it is our view that we need a detailed policy to guide our actions in m
CONTINUED ON ATTACHMENT: — YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR � R MMEN ATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S)
ACTION OF BOARD ON 7MT M, T999 APPROVED AS RECOMNENDED OTHER)m
IT IS BY THE BOARD ORDERED that Recommendations Nos. I and 2 are APPRO'V'ED;Recommendation No.3 is AMENDED;
the Board REQUESTED that the Finance Committee review and develop a Plan of disinvestment from Wells Fargo,and include a
plan of investment for these funds in financial institutions which pursue policies which are supportive of the comp-:runty,and report
these findings to the Board at a future date.
VO'T'E OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
xx UNANIMOUS (ABSENT _ - _ — _ _ _ _ TRUE AND CORRECT COPY OF AN
AYES: NOES. ACTION 'TAKEN AND ENTERED ON THE
ABSENT:_ -- _-. _ ABSTAIN: KINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SOWN.
ATTESTED April 20, 1999
cc. PHIL BATCHELOR, CLERK OF
THE BOARD OF SUPERVISORS
AND COUNTY JXINISTRATOR
BY „ DEPUTY