DATE:
November 15, 2022
16
TO:
Board of Supervisors
SUBJECT
Title
DELEGATION OF INVESTMENT AUTHORITY TO THE TREASURER-TAX COLLECTOR AND APPROVAL OF THE INVESTMENT POLICY (DISTRICTS: ALL)
Body
OVERVIEW
Annually, the Board of Supervisors (Board) is requested to take several actions regarding the San Diego County Investment Pool. These actions include the annual delegation of investment authority to the Treasurer-Tax Collector and review and approval of the Investment Policy.
Today's actions will delegate investment authority to the Treasurer-Tax Collector for the calendar year 2023 and approve the amended Investment Policy.
RECOMMENDATION(S)
TREASURER-TAX COLLECTOR
1. Adopt the Resolution titled: RESOLUTION DELEGATING INVESTMENT AUTHORITY TO THE COUNTY TREASURER-TAX COLLECTOR
2. Review and approve the San Diego County Treasurer's Pooled Money Fund Investment Policy, as amended.
EQUITY IMPACT STATEMENT
The County Treasurer follows State of California legislated parameters and exercises fiduciary authority for the investment of the funds of the county and the funds of other depositors in the county treasury. The County Treasurer must manage public monies in a way that is consistent with its objectives of safety and liquidity, prudent investment practices and not solely to maximize returns. The investment function benefits the public because the investment earnings provide incremental funding for programs and services.
SUSTAINABILITY IMPACT STATEMENT
The Treasurer-Tax Collector is committed to the County's sustainability goals. To promote just and equitable access to the County's investment process, the County Treasurer utilizes an approved list of brokerage firms to purchase securities. A competitive request for statement of qualifications is conducted every three years. The Treasurer's selection process includes working with the Department of Purchasing and Contracting and a Qualification Evaluation Committee to evaluate proposals from a va...
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