Agenda

Return

C.80

To:	Board of Supervisors
From:	William J. Pollacek, Treasurer-Tax Collector
Date:	December 15, 2009

Contra

Costa

County

Subject:

Delegation of Investment Authority to the County Treasurer

APPROVE	OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR	RECOMMENDATION OF BOARD COMMITTEE

Action of Board On: 12/15/2009

APPROVED AS RECOMMENDED

OTHER

Clerks Notes:

VOTE OF SUPERVISORS

AYE:

John Gioia, District I Supervisor
Gayle B. Uilkema, District II Supervisor
Mary N. Piepho, District III Supervisor
Susan A. Bonilla, District IV Supervisor
Federal D. Glover, District V Supervisor

Contact:	Meredith Boeger 957-2806
cc:	Lisa Driscoll, County Finance Director

I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown.
ATTESTED: December 15, 2009
David Twa,

BY:	, Deputy

RECOMMENDATION(S):

APPROVE the delegation of authority to the County Treasurer for investing and reinvestng County funds and the funds of other depositors in the County Treasury, or to sell or exchange securities so purchased, pursuant to section 53607 of the State Government Code.

FISCAL IMPACT:

The County Treasurer manages and invests the funds of all County Agencies, 19 Special Districts, 19 School Districts, and 1 Community College District. Centralizing this function creates a dedicated staff of investment professionals and creates greater efficiency, economies of scale, and greater investment power.

BACKGROUND:

State law provides that the Board of Supervisors may delegate to the County Treasurer the authority "to invest or to reinvest funds of a local agency, or to sell or exchange securities so purchased" for a one year period. It is recommended that this delegation be renewed through the calendar year 2010.

CONSEQUENCE OF NEGATIVE ACTION:

If the Delegation of Authority is not approved each of the County Agencies, 19 Special Districts, 19 School Districts, and 1 Community College District would have to invest and manage their own funds. This would be less cost efficient for all entities.