To: Board of Supervisors
From: Treasurer/Tax Collector
Agenda Section: Consent
SUBJECT:
title
Delegation of Authority to County Treasurer for Investment Responsibility of County Treasury for 2020
end
RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. Adopt Resolution #_____________ (Attachment 1) authorizing the County Treasurer to assume full responsibility for all transactions and expenditures related to the investment and reinvestment of funds on deposit in the County Treasury and delegating the authority to execute all contracts necessary to the investment and reinvestment of funds in the County Treasury subject to prior review and approval by the County Counsel and Risk Management.
Body
SOURCE OF FUNDING:
N/A
DISCUSSION:
The Board of Supervisors is responsible for County Treasury operations and compliance unless that authority is delegated to the County Treasurer as stated in Government Code 27000.3: "With regard to county funds deposited in the county treasury, the board of supervisors is the agent of the county who serves as a fiduciary and is subject to the prudent investor standard, unless a delegation has occurred pursuant to Section 53607 in which case the county treasurer shall be the agent of the county with respect to these funds, serve as a fiduciary, and be subject to the prudent investor standard and the board of supervisors shall not be the agent, serve as a fiduciary, or be subject to the prudent investor standard."
Therefore it is recommended that the Board of Supervisors adopt the attached resolution to delegate that authority to the County Treasurer; and authorize the County Treasurer execution authority over contracts related to the investment and reinvestment of funds in the County Treasury.
The County Treasury is the depository for all County Schools and most of the local governmental agencies in the county, excepting cities. The law provides that funds may be invested within specific government...
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