COUNTY OF SAN MATEO

Inter-Departmental Correspondence

Treasurer-Tax Collector-Revenue Services

 

DATE:

May 03, 2011

BOARD MEETING DATE:

May 24, 2011

SPECIAL NOTICE/HEARING:

None

VOTE REQUIRED:

Majority

 

TO:

Honorable Board of Supervisors

FROM:

Sandie Arnott, Treasurer-Tax Collector

SUBJECT:

Ordinance Delegating Investment Authority to the County Treasurer

 

RECOMMENDATION:

Introduction of an Ordinance adding Section 2.91.040 to Title 2, Article 2.9 Chapter 2.91 of the San Mateo County Ordinance Code delegating investment authority to the Treasurer subject to annual renewal and waiver of reading the ordinance in its entirety.

 

BACKGROUND:

State law allows the Board of Supervisors to delegate to the County Treasurer investment authority to invest and reinvest County funds and the funds of other depositors in the County Treasury, and provides that this delegation be carried out by ordinance, subject to annual renewal by the Board. Adopting such an ordinance would formalize the delegation process and provide for an annual renewal of such delegation.

 

DISCUSSION:

California Government Code Section 27000.1 provides that the Board may, by ordinance, delegate to the Treasurer the authority “to invest or to reinvest the funds of the county and the funds of other depositors in the county treasury.” Section 53607 limits the delegation of investment authority to a one-year period, but allows the Board to renew the delegation of investment authority each year.

The proposed ordinance would delegate investment authority to the Treasurer for the entirety of 2011, with the delegation subject to annual renewal by the Board. Prior to the start of each subsequent calendar year, the Treasurer intends to submit for Board approval a resolution renewing the delegation of investment authority for the coming calendar year.

County Counsel has reviewed and approved the Ordinance as to form.

This Ordinance 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.

 

Performance Measure(s):

Measure

FY 2009-10
Actual

FY 2010-11
Projected

Dollar/Percent growth in County Pool due to investments

$28,487,957/1.09%

$26.5M/1.25%

     
 

FISCAL IMPACT:

There is no direct fiscal impact associated with the proposed ordinance.