The Board of Supervisors established the Treasury Oversight Committee on November 14, 1995, pursuant to Chapter 5, Article 6 of the California Government Code. The purpose of the Treasury Oversight Committee is to review and monitor the County Treasurer's annual investment policy, and to ensure an annual audit is conducted to determine the County's compliance with Government Code §§ 27130-27137. The Committee will be composed of seven statutory members and three alternates. The Committee members are in three different categories as follows:
Category 1: Appointed officials (two statutory members and one alternate). Category 1 appointed members are the County Superintendent of Schools or his or her designee and a representative and an alternate of the Board or their designee.
Category 2: Elected members (two statutory members and two alternates). Category 2 includes one representative and one alternate elected by a majority of the school and community college districts; and one representative and one alternate elected by a majority of the special districts.
Category 3: Public members (three statutory members). Category 3 includes representatives from the public nominated by the County Treasurer and confirmed by the Board.
On January 27, 2020, Philip Leiber, Director of Finance and Administration at the Central Costa Costa Sanitary District, was elected to the Special District Representative seat on the Treasury Oversight Committee. Mr. Leiber will fill the vacancy of Stanley Caldwell who advised the Board of his intention to resign from the TOC effective immediately. Also on January 27, 2020, Stephen Smith of the East Contra Costa Fire Protection District was elected to the special districts Alternate seat of the Treasury Oversight Committee to fill the vacancy left by Robert Leete who resigned from the same seat on November 13, 2019. Upon approval by the Board of Supervisors, current terms for both Mr. Leiber and Mr. Smith will end on April 30, 2022.
No continuous representation by the legislative bodies of the special districts in the County on the Treasury Oversight Committee as required by California Government Code section 27132 and the November 14, 1995, County Board Order (I.O.-4) regarding composition of a County Treasury Oversight Committee.