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COUNTY OF SAN MATEO
Inter-Departmental Correspondence
Tax Collector-Treasurer-Revenue Services
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DATE:
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January 21, 2010
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BOARD MEETING DATE:
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February 9, 2010
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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 Revised San Mateo County Investment Policy, January 2010
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RECOMMENDATION:
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Adopt a resolution approving the revised San Mateo County Investment Policy, January 2010, submitted and reviewed by the County Treasury Oversight Committee on January 25, 2010.
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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 Policy. The Treasurer has updated the policy several times with the last approval by the Board of Supervisors on January 8, 2008.
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DISCUSSION:
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Due to the ever-changing financial market place, changes to this year’s Investment Policy consist of the following: Enhanced description of the Securities Lending program, detailed clarification of authorized investment and editing changes. All changes are in compliance with the Government Code §53601. The overriding objective of the Investment Policy is the Preservation of Principal. 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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This Resolution has been reviewed and approved by County Counsel.
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Approval of this Resolution contributes to the Shared Vision 2025 outcome of a Collaborative Community by managing the financial assets of the County and maintaining the value of the investment pool through professional and efficient administration of the County treasury for County departments, Special Districts, Schools, Cities and taxpayers.
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Performance Measure(s):
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Measure
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FY 2008-09
Actual
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FY 2009-10
Projected
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Dollar/percent growth in County Pool due to investments
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$68.0 M
2.57%
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$26.4 M
1.15%
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County Pool 3 yield rate vs. Local Agency Investment Fund (LAIF)
Pool 3
LAIF
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2.44%
2.18%
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1.025%
1.025%
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FISCAL IMPACT:
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There is no net County cost.
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