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File #: 24-526    Name: TTC Q4 Investment Report 06.30.24
Type: General Agenda Item Status: Passed
File created: 7/23/2024 In control: Board of Supervisors
On agenda: 8/13/2024 Final action: 8/13/2024
Title: a. Receive and accept the Treasurer's Report of Investments for the quarter ending June 30, 2024. b. Receive and Approve the Treasurer's Investment Policy for FY 2024-2025: and c. Renew the Delegation of Investment Authority to the Treasurer-Tax Collector pursuant to California Government Code 53607.
Attachments: 1. Board Report, 2. Exhibit A – Investment Portfolio Review 06.30.24, 3. Exhibit B – Portfolio Management Report 06.30.24, 4. Exhibit C – Aging Summary 07.01.2024, 5. Exhibit D – Investment Policy 2023-2024 Red Line, 6. Exhibit E – Investment Policy 2024-2025 Proposed, 7. Completed Board Order Item No. 63
Title
a. Receive and accept the Treasurer's Report of Investments for the quarter ending June 30, 2024.
b. Receive and Approve the Treasurer's Investment Policy for FY 2024-2025: 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, 2024.
b. Receive and Approve the Treasurer's Investment Policy for FY 2024-2025: 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 and has recommended updates for Board approval. These updates are to Appendix A due to changes in California Government Code Section 53601 resulting from the passage of Senate Bill 882, effective January 1, 2024. Other updates include adding language to Section 2.0 Scope: to state that the County's 115 Pension Trust is governed by a separate policy and updating reference to the County's Annual Comprehensive Financial Report. Section 11.0 and 12.0 includes changes to provide additional clarification for those unique situations. Furthermore, the annual Board delegation of investment authority to the Treasurer-Tax Collector is prescribed by Government Code Sections 53607 and 53646.

DISCUSSION:
The U.S. economy was characterized by several key trends. Economic growth moderated after two quarters of exceptional strength. Recent inflation data shows a return...

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