To: Board of Supervisors
From: Dan Mierzwa, Treasurer-Tax Collector
Report Title: DELEGATION OF INVESTMENT AUTHORITY TO THE COUNTY TREASURER FOR CALENDAR YEAR 2025
☒Recommendation of the County Administrator ☐ Recommendation of Board Committee
RECOMMENDATIONS:
APPROVE the delegation of authority to the County Treasurer for investing and reinvesting County funds and the funds of other depositors in the County treasury, or to sell or exchange securities so purchased, pursuant to section 53607 of the State Government Code.
FISCAL IMPACT:
The County Treasurer manages and invests the funds of all County agencies, 18 Special Districts, 19 School Districts and one Community College District. Centralizing this function creates a dedicated staff of investment professionals and creates greater efficiency, economies of scale and greater investment power.
BACKGROUND:
State law provides that the Board of Supervisors may delegate to the County Treasurer the authority "to invest or to reinvest funds of a local agency, or to sell or exchange securities so purchased" for a one-year period. It is recommended that this delegation be renewed through the calendar year 2025.
CONSEQUENCE OF NEGATIVE ACTION:
If the Delegation of Authority is not approved, each of the County Agencies, 18 Special Districts, 19 School Districts and one Community College District would have to manage their own funds. This would be less cost efficient for all entities.