COUNTY OF SAN MATEO

Inter-Departmental Correspondence

Tax Collector-Treasurer-Revenue Services

DATE:

December 6, 2006

BOARD MEETING DATE:

January 9, 2007

SPECIAL NOTICE/HEARING:

None

VOTE REQUIRED:

Majority

TO:

Honorable Board of Supervisors

FROM:

Lee Buffington, Tax Collector-Treasurer

SUBJECT:

Resolution Approving the Revised San Mateo County Investment Policy, January 2007

RECOMMENDATION:

Adopt a resolution approving the revised San Mateo County Investment Policy, January 2007, submitted to the County Investment Advisory committee and approved.

VISION ALIGNMENT:

Commitment: Responsive, effective and collaborative government.

Goal #21: The Treasurer-Tax Collector’s Office, through the efficient collection of property taxes, provides funding to County departments and tax agencies to incorporate the County vision and goals into their services.

BACKGROUND:

Government Code section 53646 requires a yearly presentation of the Investment Policy to the Board of Supervisors for review and approval of the Policy and any changes at a public meeting. The original version of the San Mateo County Pooled Accounts Investment Policy was initially approved in December, 1984. The Treasurer annually updates the policy with the last approval by the Board of Supervisors on January 10, 2006, Resolution No. 067768.

DISCUSSION:

The only change to the County Investment Policy is the percentage limitation on page 6 under INSTRUMENT; the limit of negotiable certificates of deposit was changed from 10% to 30% and is in compliance with Government Code section 53601. The overriding objective of the Investment Policy is the safety of the funds. Liquidity and yield are secondary objectives.

The San Mateo County Pooled Accounts Investment Policy is reviewed and approved annually by the Board of Supervisors. The Treasurer will communicate the approved Policy to pool participants and receive their written acknowledgement of the current version of the Investment Policy.

FISCAL IMPACT:

There is no net County cost.