Title
a. Receive and Accept the Treasurer's Report of Investments for the Quarter Ending June 30, 2020, and
b. Receive and Approve the Treasurer's Investment Policy for FY 2020-2021, and
c. Renew the Delegation of Investment Authority to the Treasurer-Tax Collector pursuant to California Government Code 53607
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Receive and Accept the Treasurer's Report of Investments for the Quarter Ending June 30, 2020, and
b. Receive and Approve the Treasurer's Investment Policy for FY 2020-2021, and
c. Renew the Delegation of Investment Authority to the Treasurer-Tax Collector pursuant to California Government Code 53607
SUMMARY:
Government Code Section 53646 (b) (1) states the Treasurer may submit a quarterly report of investments. The attached exhibits provide a narrative portfolio review of economic and market conditions that support the investment activity during the April - June period, the investment portfolio position by investment type and the investment portfolio by maturity range.
The Treasurer also reviews the Monterey County Investment Policy annually and has
recommended updates for Board approval. These updates will provide additional clarification,
revise outdated language, and more clearly define investment guidelines and categories as stated
in Government Code ?53601(q). In addition, annual Board delegation of investment authority
to the Treasurer-Tax Collector is prescribed by Government Code sections 53607 and 53646.
DISCUSSION:
In this final quarter of the fiscal year, the U.S. economy suffered a deep economic recession due to the COVID-19 pandemic. We saw over 40 million Americans applying for unemployment and country-wide protests against racial injustice. Towards the end of the quarter an easing in lockdown measures started to prompt signs of an initial recovery. As the U.S. begins to enter the second half of 2020, markets continue to remain volatile as concerns ...
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