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Adopt a resolution to renew annual delegation of investment authority to County Treasurer and approve the proposed County Investment Policy; and Adopt a resolution to approve the proposed County PARS 115 Trust Investment Policy
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Published Notice Required? Yes ____ No _X _
Public Hearing Required? Yes ____ No _X _
DEPARTMENTAL RECOMMENDATION:
It is recommended that the Board of Supervisors adopt the resolution renewing its annual delegation of investment authority to the County Treasurer for FY2019/20 and approve the proposed Investment Policy. It is further recommended that the Board of Supervisors adopt a resolution to approve the proposed PARS 115 Trust Investment Policy.
SUMMARY:
California Government Code section 27000.3 provides that the Board of Supervisors is the agent of the County that serves as a fiduciary and is subject to the prudent investor standard for the County Investment Pool unless a delegation of authority has occurred pursuant to Government Code section 53607. Section 27000.1 permits the Board to delegate to the County Treasurer the authority to invest funds in the County Treasury for a period of one year. When such a delegation occurs, the County Treasurer and not the Board of Supervisors serves as the fiduciary and is subject to the prudent investor standard.
On February 10, 2015 this Board took action to adopt Resolution 2015-21 establishing the PARS 115 Pension Trust (the Trust). The Trust is to be used exclusively to fund contractual obligations to provide benefits under the post-employment health care plan and to contribute to a defined benefit pension plan maintained under section 401 (a) of the Internal Revenue Code. This Board also delegated to the Treasurer investment authority for the Trust. While not mandated, in keeping with the tenets of Section 27000.1, the Treasurer is requesting an annual reaffirmation of the delegation and investment policy as a means of providing transparency.
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