DATE: November 5, 2019
TO: Board of Supervisors
SUBMITTED BY: Oscar J. Garcia, CPA, Auditor-Controller/Treasurer-Tax Collector
SUBJECT: Delegation of Investment Authority and acceptance 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 2020 calendar year; and
2. Adopt revisions in the "County of Fresno Treasury Investment Pool Investment Policy".
REPORT
The Board of Supervisors may annually renew the delegation of investment authority to the County Treasurer per County Ordinance 2.20.080. In compliance with that authority, the recommended action delegates the authority to the Auditor-Controller/Treasurer-Tax Collector (ACTTC). Your Board is also required to annually review and approve the "County of Fresno Treasury Investment Pool Investment Policy" (Investment Policy). The Department is recommending changes to section 3.0 and other minor revisions. This item is countywide.
ALTERNATIVE ACTION(S):
If your Board does not delegate investment authority to the Treasurer, the fiduciary responsibility of investing 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 County Treasurer may be renewed annually, subject to review per Government Code sections 27000.1 and 53607 and the Ordinance Code of the County of Fresno, section 2.20.080. Therefore, your Board is required to act each year to comply with this requirement. The first recommended action will delegate investment authority for calendar year 2020 to the ACTTC.
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 written document,...
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