Memorandum
Date: September 28, 2021
To: The Honorable Lake County Board of Supervisors
From: Treasurer Tax Collector Ad Hoc Committee
Subject: (a) Consideration of County Investment Policy; and (b) Approve Management Directive and authorize the Chair to sign
Executive Summary:
County Investment Policy
On July 20, 2021, our Board approved an agreement with Chandler Asset Management, Inc. (Chandler) to provide Investment Advisory and Management Services. As part of the process, working with the Treasurer - Tax Collector Ad Hoc Committee and the Treasurer - Tax Collector’s office, Chandler has reviewed the County’s Investment Policy (Policy).
Chandler has made substantial revisions to the Policy to create the comprehensive framework necessary to effectively manage the County’s investments. The revised Policy is before our Board for its consideration.
Management Directive
Once an approved Policy is in place, our Board must agree upon an investment strategy. A letter providing this Management Directive, with the strategy and process recommended by Chandler, is before our Board for consideration.
When both the Policy and Management Directive are approved Chandler will then be fully authorized to begin investing the County’s funds.
If not budgeted, fill in the blanks below only:
Estimated Cost: ________ Amount Budgeted: ________ Additional Requested: ________ Future Annual Cost: ________
Consistency with Vision 2028 (check all that apply): ☐ Not applicable
☐ Well-being of Residents ☐ Public Safety ☐ Disaster Prevention, Preparedness, Recovery
☒ Economic Development ☐ Infrastructure ☐ County Workforce
☐ Community Collaboration ☐ Business Process Efficiency ☐ Clear Lake
Recommended Action:
(a) Approve revised County Investment Policy
(b) Approve Management Directive and authorize the Chair to sign