Title
Treasurer-Tax Collector Department recommending the Board approve the El Dorado County 2023 Investment Policy with modifications, revisions, and additions.
FUNDING: N/A
Body
DISCUSSION / BACKGROUND
In the interest of transparency, good governance and pursuant to Government Code §53601 et seq., the El Dorado County Treasurer-Tax Collector Department maintains an Investment Policy. This Policy provides guidelines and procedures for investing, reinvesting and withdrawals of public funds and ensures the Treasury remains in compliance with said Government Code. Additionally, the Policy provides direction regarding reporting such that the County adheres to the before-mentioned Government Code ("Gov. Code")requirements. The Treasurer-Tax Collector Department no less than annually reviews the County Investment Policy.
Substantive changes to the Policy in 2023 are listed below:
1. Table of Contents - Page numbers have been updated.
2. Section 8 - Removed language: “and have at least one major office in California” from the Authorized Broker- Dealer requirements, because this is not a requirement in the law, and current language limits the Broker- Dealers with whom the County may transact.
3. Section 17 - Changed “purchase date” to “settlement date” to reflect the changes to Gov. Code §53601.
4. Section 17 - Added wording from Gov. Code §53601.
5. Section 20 - Changed reporting period from 30 to 45 days to match Gov. Code §53646(b)(1) “The quarterly report shall be so submitted within 45 days following the end of the quarter covered by the report.”
6. Attachment I - Added the investments below, which are allowed under the law referenced in the investment table.
· Asset-Backed Securities
· Asset-Backed Commercial Paper
7. Attachment I - Changed the percentage of maximum allowable for domestic commercial paper from 25% to 30%. Staff reviewed other counties' investment policies and determined that we could increase the maximum percentage of the portfoli...
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