TO: Board of Supervisors
FROM: Bob Minahen, Treasurer-Tax Collector
REPORT BY: Robert Minahen, Treasurer-Tax Collector
SUBJECT: Accept and instruct the Clerk of the Board to file the Treasury Oversight Committee Compliance Audit for the year ended June 30, 2023.
RECOMMENDATION
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Accept and instruct the Clerk of the Board to file the Treasury Oversight Committee Compliance Audit for the year ended June 30, 2023. (No Fiscal Impact)
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BACKGROUND
In 1995, following Orange County treasury pool's $1.6 billion loss, the California legislature passed provisions requiring every county to establish a treasury oversight committee (TOC). The purpose of the committee was to oversee the policies that guide the investment of public funds. Governing statutes were amended effective January 1, 2005 which made TOCs optional, although the legislature encourages the continuation of the committees.
In 1996, the County issued a Resolution which established the Napa County TOC and defined its members. TOC membership was updated in 2021 to add a member of the public to the committee. In addition to the TOC's annual review of the Napa County Investment Policy, Government Code Section 27134 required an annual audit to determine the Treasurer's compliance with the Investment Policy. The TOC requested the audit of the 2022-23 activity be performed during its November 1, 2023 meeting.
The Treasury Oversight Committee Compliance Audit was performed by the County's external auditors, Brown Armstrong Accountancy Corporation and the resulting report is attached. The report reflects a "clean" opinion and concludes that the investments at June 30, 2023 appear to be in compliance with the County's investment policy and state law. The conclusion further stated that the audit found that the TOC functioned during fiscal year 2022-23 as was intended by the oversight legislation and oversight was properly provided by the TOC.
Requested Action:
1. Accept and instruct the Clerk of...
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