Government Code Section 53646 provides that the County Treasurer (part of the Chief Financial Officer responsibilities) may render to the Board of Supervisors and any oversight committee a statement of investment policy, which the Board shall review and approve at a public meeting. The attached policy (Attachment A) was distributed to and reviewed by the Financial Oversight Committee during the November 20, 2025 meeting. The policy is now being submitted to the Board for approval. 

Proposed revisions to the Investment Policy can be seen in the redline version in Attachment B.

Staff recommend a change to the County investment policy in response to Senate Bill (SB) 595 and SB 858, which were passed in October 2025 and go into effect on January 1, 2026. SB 595 increases the maximum number of days to maturity permitted by Code for investment in commercial paper from 270 to 397 days. SB 858 extends the date from January 1, 2026 to January 1, 2031 during which local agencies may invest in securities issued by, or backed by, the United States government that could result in zero-interest accrual if held to maturity.

The policy was reviewed by the Financial Oversight Committee during the November 20, 2025 meeting.  The policy was also discussed and reviewed by the County's investment advisor, Public Financial Management (PFM).