Title
a. Receive and accept the Treasurer’s Report of Investments for the quarter ending June 30, 2025; and
b. Receive and approve the Treasurer’s Investment Policy for FY 2025-2026; and
c. Renew the Delegation of Investment Authority to the Treasurer-Tax Collector pursuant to California Government Code Section 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, 2025; and
b. Receive and approve the Treasurer’s Investment Policy for FY 2025-2026; and
c. Renew the Delegation of Investment Authority to the Treasurer-Tax Collector pursuant to California Government Code Section 53607
SUMMARY:
Government Code Section 53646 (b) (1) states the Treasurer may submit a quarterly report of investments. The following discussion of economic and market conditions along with attached exhibits support investment activity during the April - June period.
The Treasurer also annually reviews the County of Monterey Investment Policy and has recommended updates for the Board approval. The non-substantive updates improve formatting and grammar to enhance readability and alignment with Government Code requirements. Key revisions include updates to Section 12.0 to add clarity regarding requests, in rare circumstances, for permanent withdrawal from the Treasury Pool. Appendix A was also updated to reflect current statutory limits, authorized instruments, and clarifications on supranational securities and credit rating requirements. Furthermore, the annual Board delegation of investment authority to the Treasurer-Tax Collector is prescribed by Government Code Sections 53607.
DISCUSSION:
The U.S. economy remains resilient but is showing signs of slowing. While headline employment data appears strong, underlying indicators suggest weakening. Inflation has remained relatively stable but has not yet fully absorbed the impact of newly imposed tariffs. At the same time,...
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