Agenda

Return

C. 37

To:	Board of Supervisors
From:	Russell Watts, Treasurer-Tax Collector
Date:	March 12, 2019

Contra

Costa

County

Subject:

DECLARE A VACANCY ON THE TREASURY OVERSIGHT COMMITTEE

APPROVE	OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR	RECOMMENDATION OF BOARD COMMITTEE

Action of Board On: 03/12/2019

APPROVED AS RECOMMENDED

OTHER

Clerks Notes:

VOTE OF SUPERVISORS

AYE:

John Gioia, District I Supervisor
Candace Andersen, District II Supervisor
Karen Mitchoff, District IV Supervisor
Federal D. Glover, District V Supervisor

ABSENT:

Diane Burgis, District III Supervisor

Contact:

Ronda Boler, (925) 957-2806

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: March 12, 2019
David Twa,

BY:	, Deputy

RECOMMENDATION(S):

ACCEPT the resignation of Daniel Heinrich, DECLARE vacancy in the Public Representative seat on the Treasury Oversight Committee, and DIRECT the Clerk of the Board to post the vacancy.

FISCAL IMPACT:

No fiscal impact.

BACKGROUND:

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).

Daniel Heinrich, who held one of the three Public Representative seats on the Treasury Oversight Committee since 2012, has notified our office of his decision to step down effective immediately. The term of his seat ends April 30, 2020. A new nomination to finish out Mr. Heinrich’s term will be brought to the Board's Internal Operations Committee for review and recommendation to the Board of Supervisors.

CONSEQUENCE OF NEGATIVE ACTION:

Failure to declare the vacancy before making a new appointment will cause the County to be out of compliance with State law.