County of Monterey - File #: 21-622

• File #: 21-622
• Name: Treasury Investment Report 6.30.21
• Type: General Agenda Item
• Status: Passed - Treasurer Tax Collector
• File created: 7/13/2021
• In control: Board of Supervisors
• On agenda: 7/27/2021
• Final action: 7/27/2021
• Title: a. Receive and Accept the Treasurer's Report of Investments for the Quarter Ending June 30, 2021; and b. Receive and Approve the Treasurer's Investment Policy for FY 2021-2022; and c. Renew the Delegation of Investment Authority to the Treasurer-Tax Collector pursuant to California Government Code 53607; and d. Approve the dissolution of the Monterey County Treasury Oversight Committee.

Date	Action By	Action	Result
7/27/2021	Board of Supervisors	approved - treasure tax collector	Pass

Title
a. Receive and Accept the Treasurer's Report of Investments for the Quarter Ending June 30, 2021; and
b. Receive and Approve the Treasurer's Investment Policy for FY 2021-2022; and
c. Renew the Delegation of Investment Authority to the Treasurer-Tax Collector pursuant to California Government Code 53607; and
d. Approve the dissolution of the Monterey County Treasury Oversight Committee.
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, 2021; and
b. Receive and Approve the Treasurer's Investment Policy for FY 2021-2022; and
c. Renew the Delegation of Investment Authority to the Treasurer-Tax Collector pursuant to California Government Code 53607; and
d. Approve the dissolution of the Monterey County Treasury Oversight Committee.

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. Primary updates are due to changes to California Government Code Section 53601.6 from the passage of Senate Bill 998 effective January 1, 2021, as well as the Treasurer's recommendation of the dissolution of the Monterey County Treasury Oversight Committee. In addition, annual Board delegation of investment authority to the Treasurer-Tax Collector is prescribed by Government Code sections 53607 and 53646.

DISCUSSION:
Economic conditions during the quarter were characterized by the following factors: broad economic reopening as COVID-19 caseloads plummeted, strong growth and forward economic momentum, continued improvement in th...