Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: Sandie Arnott, Treasurer-Tax Collector
Subject: Approving the updated 2019 San Mateo County Investment Policy Statement
RECOMMENDATION:
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Adopt a resolution approving the updated 2019 San Mateo County Investment Policy Statement.
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BACKGROUND:
Pursuant to Government Code ? 53646, the Treasurer may annually render to the Board of Supervisors and any Oversight Committee, a statement of investment policy, which the Board shall review and approve at a public meeting. The Treasurer has revised the Investment Policy Statement that was approved by the Board of Supervisors on June 4, 2019.
DISCUSSION:
The bases for the changes to the Investment Policy are outlined in the memo from PFM which is attached to this board item. The Treasurer and staff met with PFM to review and discuss the agreed-upon changes. The updated 2019 Investment Policy includes the following changes:
Page 3, Section VII. Authorized Investments
Original Statement: Long-term credit ratings, where shown, specify the minimum credit rating category required at time of purchase without regard to modifiers (e.g. +/- or 1,2,3) if any.
Proposed Change: Long-term credit ratings, where shown, specify the minimum credit rating category required at time of purchase.
Page 4, Section VII. Authorized Investments, Section C. Commercial Paper
Original Statement: At the time of purchase, commercial paper must be rated either A-1/P-1/F1 or better by at least two of the three nationally recognized rating services (S&P, Moody's and Fitch) and a long term rating of single A or better when applicable. Eligibility is limited to U.S. organized and operating corporations. Corporations must have assets in excess of $5 Billion and have an A rating or better on the issuer's debt other than commercial paper by at least two of the three nationally recognized rating services. Maturities may n...
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