TO: Board of Supervisors
FROM: Robert G. Minahen - Treasurer and Tax Collector
REPORT BY: Robert G. Minahen - Treasurer and Tax Collector
SUBJECT: Delegation of Investment Authority to County Treasurer and Approval of the County Statement of Investment Policy
RECOMMENDATION
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Treasurer-Tax Collector requests the following actions regarding the Napa County Investment Pool:
1. Adoption of a Resolution renewing the delegation of investment/reinvestment authority to the Treasurer-Tax Collector for an additional one-year period beginning April 1, 2023, pursuant to California Government Code sections 53607 and 27000.1; and
2. Approval of the Napa County Statement of Investment Policy in accordance with California Government Code section 53646(a)(1).
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EXECUTIVE SUMMARY
Renew Delegation of Investment Authority
As a local agency, the County's Board of Supervisors is empowered by the California Legislature to make investment decisions on the County's behalf. However, the Board of Supervisors may delegate its fiduciary investment authority to the county treasurer pursuant to California Government Code sections 53607 and 27000.1.
The current annual delegation period will expire at the end of March. Therefore, the Treasurer-Tax Collector is requesting the Board of Supervisors adopt a resolution delegating its authority to invest/reinvest local agency surplus funds held in the Napa County Treasury to the Treasurer-Tax Collector for one year ending March 31, 2024.
Approve Napa County Statement of Investment Policy
The Napa County Investment Policy is presented annually to the Napa County Treasury Oversight Committee (TOC) for review and monitoring in accordance with California Government Code sections 27133 and 53646(a)(1). On March 15, 2023, the TOC approved the updated Investment Policy, which includes the addition of Supranational Obligations to the list of permitted investments, but also restricts investments in certain specific industries to align with...
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