To: Board of County Commissioners
Through: N/A
Prepared By:
prepared
Kim Williams, Chief Deputy Treasurer, Treasurer’s Office; Michael Westerberg, J.D., LL.M., Treasurer; Ron Carl, County Attorney; Ben Swartzendruber, Senior Assistant County Attorney
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presenter
Presenter: Michael Westerberg, Treasurer; Ron Carl, County Attorney
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Subject:
title
2:30 PM *Annual Resolution re: County Funds/Investments and Depositories
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Purpose and Request:
recommended action
The BOCC annually adopts a resolution that establishes the banks and other institutions where county funds can be deposited by the Treasurer and also authorizes the Treasurer to invest funds in certain securities as allowed by state statute, subject to certain conditions. It has been many years since this resolution has been reviewed and updated. The purpose of this study session is to discuss proposed changes/updates/clarifications to the resolution.
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Background and Discussion: Pursuant to C.R.S. § 30-10-708, the BOCC is authorized to designate the banks or other financial institutions where county funds can be deposited, and also determine whether funds may be invested in securities. The securities which such funds can be invested are strictly limited by statute. At the study session, the prior history of the annual resolution along with the applicable statutory requirements will be explained, and modifications and clarifications to the annual resolution discussed. A copy of a draft proposed resolution is attached along with the current Treasurer’s Investment Policy.
Fiscal Impact: There is no direct fiscal impact.
Alternatives: N/A
Alignment with Strategic Plan:
☒Be fiscally sustainable
☒Provide essential and mandated service
☐Be community focused
Concurrence: The draft resolution has been provided to the County Finance Director, who will be in attendance at the study session.