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 statement (Attachment A) was distributed to and reviewed by the Financial Oversight Committee during the November 10, 2022 meeting.  The policy is now being submitted to the Board for approval.

Proposed revisions to the Investment Policy are highlighted in Attachment B. 

SB1489 included several legislative changes affecting the County's investment policy. The bill amends Government Code Section 53601 to include new language which states that an investment's term or remaining maturity shall be measured from the settlement date to final maturity, and, that a security purchased in accordance with said code section shall not have a forward settlement date exceeding 45 days from the time of investment. The bill also modified Government Code Section 53646 and its quarterly reporting requirement. Previously, the code required County staff to produce the quarterly investment report within thirty (30) days following the end of the quarter. The change extended the requirement to forty-five (45) days. Other edits unrelated to SB1489 were made to better align policy language with code language and do not change any policy requirements.

The policy was reviewed by the Financial Oversight Committee during the November 10, 2022 meeting.  The policy was also discussed and reviewed by the County's investment advisor, Public Financial Management (PFM).