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. The Committee may have no fewer than three nor more than 11 members; additional restrictions are on members.
Edgar H. Grubb, who held one of three Public Representative Seats on the Treasury Oversight Committee (Committee) since 2000, notified our office of his decision to retire from the Committee effective immediately on February 3, 2022. Mr. Grubb was originally appointed to the Treasury Oversight Committee Public Seat #2 for a four-year term beginning May 1, 2000 through April 30, 2004. Mr. Grubb has been a resident of Contra Costa County for over 50 years, and he served approximately 22 years of public service on the Committee. During his time on the Committee, Mr. Grubb provided invaluable suggestions and recommendations to the County's annual investment policy statement, the quarterly investment report to the Board of Supervisors, and treasury business operations. Mr. Grubb is also distinguished for his near perfect attendance, the highest of all the Committee members historically.
The term of his seat ends April 30, 2022. A new nomination to replace Mr. Grubb on the Committee will be brought to the Internal Operations Committee for review and recommendation to the Board of Supervisors.
Failure to delcare the vacancy before making a new appointment will cause the County to be out of compliance with State law.