The Board of Supervisors unanimously adopted an ordinance that allows the County Chief Financial Officer (CFO) to exercise the Board of Supervisors’ investment authority and approved a County Investment Policy (Policy) that establishes investment guidelines to govern the Board’s investment authority. California law vests the authority to invest monies deposited in the county treasury with the Board of Supervisors.
County investments must comply with the restrictions on permissible investments outline in the Government Code. By adopting this policy, the Board approved a policy that is more restrictive than state law and governs the investment of the funds of the county and the funds of other depositors in the county treasury.
The policy includes a list of authorized investments, diversification, maturity and duration restricts as well as list of prohibited transactions. This policy will be maintained by the County Investment Manager. This policy will be reviewed on an annual basis and submitted to the Board annually as a receive and file item as a part of the County’s Strategic Financial Plan (SFP). Any changes to the policy shall be presented to the Board for review and approval.
In addition to these actions, Supervisor Vicente Sarmiento directed staff to bring the following to the Board of Supervisors:
- Directed staff to review the Voluntary Pool Participant program, and whether the program should be terminated, and which oversight committee should be charged with the responsibility for ensuring compliance with the County Investment Policy, and to return to the Board with options.
