DATE: November 28, 2023
TO: Board of Supervisors
SUBMITTED BY: Oscar J. Garcia, CPA, Auditor-Controller/Treasurer-Tax Collector
SUBJECT: Delegation of Investment Authority and Approval of the County of Fresno Treasury Investment Pool Investment Policy
RECOMMENDED ACTION(S):
TITLE
1. Delegate investment authority to the Auditor-Controller/Treasurer-Tax Collector for the 2024 calendar year; and
2. Approve the “County of Fresno Treasury Investment Pool Investment Policy”.
REPORT
Approval of the first recommended action renews the Board’s delegation of investment authority to the Auditor-Controller/Treasurer-Tax Collector (ACTTC) under County Ordinance Code section 2.20.080. Your Board is also required to annually review and approve the “County of Fresno Treasury Investment Pool Investment Policy” (Investment Policy). Approval of the second recommended action will approve the Investment Policy with the ACTTC’s recommended changes to the Investment Policy for a regulation change. This item is countywide.
ALTERNATIVE ACTION(S):
If your Board does not renew the delegation of investment authority to the ACTTC, the fiduciary responsibility of investing the funds in the Treasury Investment Pool will remain with your Board.
FISCAL IMPACT:
There is no additional fiscal impact associated with the recommended actions.
DISCUSSION:
Delegation of investment authority to the ACTTC may be renewed annually, subject to review by your Board, under Government Code sections 27000.1 and 53607 and the Ordinance Code of Fresno County section 2.20.080. Therefore, your Board is required to act each year to decide whether to renew the delegation. The first recommended action delegates investment authority to the ACTTC for calendar year 2024.
Government Code section 53646 provides that the ACTTC may annually render to the Board of Supervisors a statement of investment policy, which the Board shall review and approve at a public meeting. This Investment Policy is the document that governs the investment of all financial assets deposited to and retained in the County of Fresno Treasury Investment Pool. The ACTTC is recommending that your Board review and approve the Investment Policy. Your Board last reviewed and approved the Investment Policy on December 13, 2022.
The ACTTC is recommending a revision of Section 5.0, on page 6 of the Investment Policy, relating to the gift limit for the Treasury Oversight Committee members. The limit has been updated by the Fair Political Practices Commission for 2023-24.
A revised document, with tracked updates from the December 13, 2022 Investment Policy, and a “clean” (final) copy of the proposed Investment Policy are included with this agenda item.
REFERENCE MATERIAL:
BAI #27, December 13, 2022
ATTACHMENTS INCLUDED AND/OR ON FILE:
REVISED - County of Fresno Treasury Investment Pool Investment Policy
CLEAN - County of Fresno Treasury Investment Pool Investment Policy
CAO ANALYST:
Paige Benavides