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COUNTY OF SAN MATEO
Inter-Departmental Correspondence
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Tax Collector-Treasurer-Revenue Services
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DATE:
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December 10, 2007
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BOARD MEETING DATE:
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January 8, 2008
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SPECIAL NOTICE/HEARING:
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None
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VOTE REQUIRED:
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Majority
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TO:
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Honorable Board of Supervisors
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FROM:
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Lee Buffington, Tax Collector-Treasurer
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SUBJECT:
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Resolution Approving the San Mateo County Investment Policy
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RECOMMENDATION:
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Adopt a resolution approving the San Mateo County Investment Policy, with no changes to the policy, as approved on February 13, 2007.
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VISION ALIGNMENT:
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Commitment: Responsive, effective and collaborative government.
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Goal #21: The Tax Collector-Treasurer’s office, through the efficient collection of property taxes, providing funding to County departments and tax agencies to incorporate the County vision and goals into their services.
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BACKGROUND:
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Government code § 53646 requires a yearly presentation of the Investment Policy to the Board of Supervisors for review and approval of the Investment Policy and any changes. The Treasurer has updated the policy several times with the last update approved by the Board of Supervisors on February 13, 2007.
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DISCUSSION:
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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 Investment Policy to pool participants and receive their written acknowledgement of the current version of the Investment Policy.
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FISCAL IMPACT:
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There is no net County cost.
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