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County investment pool grew by $23M this year
February 10, 2014, 05:00 AM Daily Journal Staff Report

The county’s investment pool grew more than $23 million this current fiscal year, according to Treasurer-Tax Collector Sandie Arnott in the annual policy statement policy.

The 2013 policy coming before the Board of Supervisors Tuesday largely echoes that of past years but does include one change, the elimination of the current pool accounting method. The tweak means as of July 1 the entity will operate as a single investment pool rather than designating a participant in one of three levels based on what type of banking services it requires. The banking and reporting services required will now be charged directly to them which will create a more transparent and true billing process, Arnott wrote in a board report.

The changes have already flown through the investment pools oversight committee and executive council without any opposition and all pool participants were alerted via mail.

In the same policy statement, Arnott notes that the pool grew .71 percent or $23.344 million in fiscal year 2012-2013 due to investments.

The investment pool, which includes 1,050 different accounts from cities, school districts and special agencies. The pool and the county’s investment policy largely flew under the public radar until the 2008 bankruptcy of Lehman Brothers leeched roughly $150 million from the county and pool participants. The pool had 5.9 percent of its $2.6 billion in Lehman Brothers.

The policy has since been revamped to change guidelines governing diversification and other factors and in 2011 retained investment advisor PAM Asset Management.

The Board of Supervisors meets 9 a.m. Tuesday, Feb. 11 in Board Chambers, 400 County Government Center, Redwood City.

 

 

Tags: policy, investment, board, arnott, million,


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