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Treasury Oversight Committee
In accordance with G.C. 27130, the Kings County Board of Supervisors passed Resolution No. 95-081, dated December 5, 1995 and Resolution No. 95-081.2, dated October 13, 1998, creating and amending the County Treasury Oversight Committee. The purpose of the Committee is to allow local agency representatives participation in the policies that guide the investment of depositor funds. The Committee consists of the following seven members: County Director of Finance, County Auditor-Controller, County Administrative Office representative, County Superintendent of Schools representative, School District’s representative (elected), Special District representative (elected), and a public member (appointed).
The primary responsibilities of the Committee include: (a) to review and monitor the County Department of Finance's Statement of Investment Policy, (b) to cause an annual audit to be conducted to determine the County Treasury’s compliance between the investment portfolio to the Investment Policy and applicable G.C. sections, and (c) to establish criteria for depositor withdrawal of funds for the purpose of investing or depositing outside the County Treasury pool. Meetings of the Oversight Committee are open to the public and subject to the Ralph M. Brown Act.
A member of the Oversight Committee may not be employed by any member of a legislative body of any local agency that has deposited funds into the county treasury, in the previous three years or during the period that the employee is a member of the Committee. While serving on the Oversight Committee, a member may not directly or indirectly raise money for any member of a legislative body of any local agency that has deposited funds into the county treasury. Finally, a member may not secure employment with, or be employed by, bond underwriters, bond counsel, security brokerages or dealers, or a financial services firm, with whom the treasurer is doing business during the period that the person is a member of the committee or for one year after leaving the committee.
The Oversight Committee is not allowed to direct individual investment decisions; select individual investment advisors, brokers, or dealers; or impinge on the day-to-day operation of the County treasury and investment operations.
The primary responsibilities of the Committee include: (a) to review and monitor the County Department of Finance's Statement of Investment Policy, (b) to cause an annual audit to be conducted to determine the County Treasury’s compliance between the investment portfolio to the Investment Policy and applicable G.C. sections, and (c) to establish criteria for depositor withdrawal of funds for the purpose of investing or depositing outside the County Treasury pool. Meetings of the Oversight Committee are open to the public and subject to the Ralph M. Brown Act.
A member of the Oversight Committee may not be employed by any member of a legislative body of any local agency that has deposited funds into the county treasury, in the previous three years or during the period that the employee is a member of the Committee. While serving on the Oversight Committee, a member may not directly or indirectly raise money for any member of a legislative body of any local agency that has deposited funds into the county treasury. Finally, a member may not secure employment with, or be employed by, bond underwriters, bond counsel, security brokerages or dealers, or a financial services firm, with whom the treasurer is doing business during the period that the person is a member of the committee or for one year after leaving the committee.
The Oversight Committee is not allowed to direct individual investment decisions; select individual investment advisors, brokers, or dealers; or impinge on the day-to-day operation of the County treasury and investment operations.