BACKGROUND: (CONT'D)
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).
Scott Anderson, who held the County School and Community College Districts seat on the Treasury Oversight Committee for one year, resigned from the Treasury Oversight Committee. It is expected the school and college districts will select a replacement in the coming month to complete the term ending April 2020.
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.