Title
a. Receive and accept the Treasurer's Report of Investments for the Quarter Ending June 30, 2023;
b. Receive and approve the Treasurer's Investment Policy for FY 2023-2024; 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, 2023;
b. Receive and approve the Treasurer's Investment Policy for FY 2023-2024; 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 County of Monterey Investment Policy annually and has recommended updates for Board approval. Primary updates are due to changes to California Government Code Section 53601 and Section 53646 from the passage of Senate Bill 1489 effective January 1, 2023. Additional changes were made for consistency with the County's recent branding updates, including the use of County of Monterey, the new County Emblem, and other minor edits for conciseness. In addition, annual Board delegation of investment authority to the Treasurer-Tax Collector is requested as prescribed by Government code sections 53607 and 53646.
DISCUSSION:
The U. S. economy is characterized by headline inflation numbers trending lower, but the Federal Reserve's focus, "supercore inflation," is showing little sign of slowing. The labor market has proven to be exceptionally strong and there is a more optimistic sentiment around econ...
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