BOARD AGENDA MEMORANDUM
Government Code ? 84308 Applies: Yes ? No ?
(If "YES" Complete Attachment A - Gov. Code ? 84308)
SUBJECT: Title
Adopt a Resolution Delegating Authority to Deposit and Invest Funds to the Treasurer or Their Designees, Approve the Board Investment Policy, and Authorize the Negotiation and Execution of Agreements with Investment Management Service Providers.
End
RECOMMENDATION: Recommendation
A. Adopt the Resolution DELEGATING AUTHORITY TO DEPOSIT AND INVEST FUNDS TO THE TREASURER OR THEIR DESIGNEES;
B. Approve the Board Investment Policy; and
C. Authorize sole source procurement with SymPro and Bloomberg for investment-related services for five years in a combined amount not to exceed $100,000 annually.
Body
SUMMARY:
In accordance with Executive Limitation (EL) 4.9 regarding treasury and investment management, and pursuant to California Government Code (Government Code) Sections 53607 and 53608, staff recommends that the Board approve the recommendations to ensure financially prudent management of Santa Clara Valley Water District's (Valley Water) investment portfolio.
Delegation of Authority to Deposit and Invest Funds
Per Government Code Sections 53607 and 53608, the delegation of authority to invest Valley Water's funds must be renewed annually by the Board. The Board's current delegation of authority to invest expires on June 30, 2026. If the Board chooses not to delegate the authority to invest funds in Fiscal Year 2026-27, the Treasurer (Chief Financial Officer) or their designees (Treasury and Debt Officer) will be limited to making deposits only, and the Board will be responsible for the investment of Valley Water's funds. Furthermore, Government Code Section 53608 requires the Board to delegate the authority to deposit funds for safekeeping with a federal or state association (as defined by Section 5102 of the California Financial Code), a trust company or state or national bank located within this state or with t...
Click here for full text