Memorandum
Date: January 10, 2023
To: The Honorable Lake County Board of Supervisors
From: Patrick Sullivan, Treasurer - Tax Collector
Subject: Consideration of Delegation of Investment Authority to Treasurer - Tax Collector
Executive Summary:
The Board of Supervisors can, pursuant Government Code 53607 & 27000.1, delegate its investment authority to the County Treasurer on an annual basis. This delegation previously lapsed in 2020 and your Board opted to retain this authority as it actively participated in the update of the County's investment policy and program.
At this time, it is my recommendation that your Board again delegate this authority to the Treasurer - Tax Collector (T-TC). This is the standard practice amongst the other counties throughout the State and it would be the most efficient method. Through the reporting provided by Chandler Asset Management and the T-TC your Board will continue to receive regular updates and confirmation that the County's investments are in compliance with all applicable regulations and policies.
It is recommended your Board approve the delegation of investment authority to the Treasurer - Tax Collector.
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