The purpose of the Treasury Oversight Committee is to review the County's investment policy, regularly monitor the County Investment Pool's performance, and report on the pool's performance to the Board of Supervisors. The membership of seven comprises: (1) One representative (or Member) appointed by the Board of Supervisors; (2) The County Superintendent of Schools, or his or her designee; (3) One representative selected by a majority of the presiding officers of the governing bodies of the school districts and the community college district in the County; (4) One representative selected by a majority of the presiding officers of the legislative bodies of the special districts in the County that are required or authorized to deposit funds in the County Treasury; and (5-7) Three members of the public, a majority of whom shall have expertise in, or an academic background in, public finance and who shall be economically
diverse and bipartisan in political registration. (May have no fewer than three nor more than 11 members, additional restrictions are on members).
On September 22, 2020, the Board of Supervisors appointed Alternate member Paula Troy to the Member of Board of Supervisors Representative seat on the Treasury Oversight Committee, creating a vacancy in the Alternate seat. The Treasurer-Tax Collector's office opened a recruitment on October 16, 2020 and received one application, attached, from Larry Fernandes. Mr. Fernandes meets the eligibility requirements and is recommended for the seat. To be considered, candidates should have sound knowledge and experience in the field of public and private finance and must be County residents, may not be employed by an entity that has contributed to the reelection campaign of the County Treasurer or a member of the Board of Supervisors in the previous three years, may not directly or indirectly raise money for the County Treasurer or a member of the Board of Supervisors while a member of the Committee and may not work for bond underwriters, bond counsel, security brokerages or dealers, or financial services firms with whom the county treasurer does business, either during his or her tenure on the committee or for one year after leaving the Committee. (Government Code §27132.3).
TOC nominations are usually first reviewed by the Internal Operations Committee; however, the recommendation was received shortly after the deadline for the IOC's final 2020 meeting and so could not be considered. The Board is, therefore, asked to approve the recommendation for appointment.