Memorandum
Date: June 17, 2025
To: The Honorable E.J. Crandell, Chair, Lake County Board of Supervisors
From: Patrick Sullivan, Treasurer - Tax Collector
Subject: Adopt Resolution Authorizing County of Lake (The “Public Agency”) to Join with Other Public Agencies as a Founding Member and Participant of California Fixed Income Trust (Calfit) Joint Powers Authority and to Invest in Interests of the Trust
Executive Summary:
The purpose of this item is to introduce the California Fixed Income Trust (CalFIT), a joint powers authority (JPA) being formed for the purpose of providing California local governments with additional options to invest short-term funds safely.
Our office is asking the Board of Supervisors to approve a new Joint Powers Authority (JPA) for a new local government investment pool (LGIP), called the California Fixed Income Trust JPA (CalFIT). CalFIT will provide the County and other local governments a low-volatility investment option for its most liquid funds. A new LGIP is needed in California alongside the already established ones which already exist due to rising cash balances and the need for diversification. Alameda County and Lake County are hoping to establish this today, on June 17th, 2025. San Diego County and the San Diego Water District plan to join soon, and it will be open to all public jurisdictions in California immediately upon its formation. There is no cost to the County in taking this action, and the County’s involvement will allow the County to have a strong voice in the way the LGIP will operate.
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Recommended Action: Adopt Resolution Authorizing County of Lake (The “Public Agency”) to Join with Other Public Agencies as a Founding Member and Participant of California Fixed Income Trust (Calfit) Joint Powers Authority and to Invest in Interests of the Trust.