TO: Board of Supervisors
FROM: Robert Minahen - Treasurer-Tax Collector
REPORT BY: Robert Minahen - Treasurer-Tax Collector
SUBJECT: Delegation of Investment Authority to Treasurer-Tax Collector, Approval of the Napa County Statement of Investment Policy, and Appointment of Patricia Clarey to the Treasury Oversight Committee.
RECOMMENDATION
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Adopt a Resolution to renew delegation of investment/reinvestment authority to the Treasurer-Tax Collector for an additional one-year period beginning April 1, 2025; approve the Napa County Investment Policy; and appoint Patricia Clarey as the Special Districts' representative to the Treasury Oversight Committee. (No Fiscal Impact; Discretionary)
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BACKGROUND
The California Legislature has enacted a detailed statutory process for the deposit and investment of local agency surplus funds. Since the County is a local agency, the County's Board of Supervisors is empowered to make investment decisions on the County's behalf. However, the Board of Supervisors may delegate its investment authority to the county treasurer pursuant to California Government Code sections 53607 and 27000.1. If the delegation of investment/reinvestment authority occurs, the Treasurer-Tax Collector takes full responsibility for investments and reinvestments of local agency surplus funds until the Board of Supervisors either revokes its overall delegation of authority by ordinance, or decides not to renew the annual delegation.
Since the adoption of the ordinance in 1996, the Board of Supervisors' delegation of authority to the Treasurer-Tax Collector to invest/reinvest has been renewed every year. The current annual delegation period is scheduled to 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, 2026.
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