Treasurer

Roy Given, Department of Finance

Marin County Treasurer Division

The mission of the Marin County Treasurer Division is to provide a responsive, efficient, and professional approach in serving our community, instill the public’s trust and ensure the financial integrity of the County of Marin by safeguarding the County’s funds. The Treasurer Division of the Department of Finance provides banking and investment services to County departments and other pool participants. The primary responsibility of the Division is the safekeeping and investment of funds for the County, Schools and Special Districts in a pooled investment program.

 

The Division is responsible for the receipt of all monies for deposit, monitoring and reconciling bank accounts, minimizing risk exposure to fraudulent items and maintaining and reporting unclaimed property data. In addition, the Division also administers the collection and payment to bond holders for the 1915 Act Improvement Bonds within the County and under contract with certain cities.

Marin County Investment Pool

The Marin County Investment Pool is a local government money fund that ranges upwards to $800 million in assets on an annual basis. It was created by the County Board of Supervisors to invest the assets of the County and other public agencies located within the County. The Pool has received the highest rating, AAA/V1, from Fitch, a nationally recognized, independent credit rating agency. The AAA rating indicates extremely strong protection against credit losses associated with the Pool’s investments. The V1 rating indicates that the Pool possesses low sensitivity to changing market conditions due to its low risk profile and conservative investment policies.

 

The Pool is comprised of monies deposited by mandatory and voluntary participants. Mandatory participants include the County of Marin, K-12 school districts, community college districts and special districts. Voluntary participants are those agencies that are not required to invest their monies in the County Pool and do so only as an investment option. Voluntary participants include cities and various special districts. The Treasurer encourages voluntary participants to use the Pool as a long-term investment vehicle.

The primary objectives of the Investment Pool are to preserve capital, meet liquidity needs of Pool participants and achieve an investment return within the guidelines of the Statement of Investment Policy.

Monthly Investment Reports

 

Related Information

Broker Dealer Information

The County of Marin Treasurer’s Division manages an approximately $800 million investment portfolio in accordance with the County’s Statement of Investment Policy, California Government Code 53600 and other applicable laws and regulations.

The Treasurer’s Division maintains relationships with qualified broker/dealers who have received the Statement of Investment Policy and acknowledge the objectives and any limitations of the Treasurer’s Division and its investment portfolio.

Broker/Dealers must be either primary dealers or regional dealers that qualify under SEC Rule 15C3-1 (Uniform Net Capital Rule).

Broker/Dealers must carry their own inventory of GSE discount notes as well as US Agency bullets and callable securities.

Broker/Dealers must be able to authorize viewing access rights to their inventory on Bloomberg.

Treasury Oversight Committee

Treasury Oversight Committee

The Treasury Oversight Committee was established in accordance with California Government Code Section 27130-27137 to provide oversight in the investment of public funds.  The Committee reviews and approves the County of Marin Statement of Investment Policy and is responsible for causing an annual compliance audit of the Treasurer’s investment operations.

The Committee represents all government agencies for which the Marin County Treasury is statutorily designated as the custodian of funds as well as other local agencies that rely on the Treasurer for investment of public funds.  Representatives of cities and districts where the Treasurer does not have statutory oversight participate subject to the consent of the Treasurer and in accordance with California Government Code.

Membership:

  • the Marin County Director of Finance
  • the Marin County Administrator
  • the Marin County Superintendent of Schools or her/his designee
  • a representative selected by a majority of the presiding officers of the governing bodies of the school districts and community college districts in the county
  • a representative selected by a majority of the presiding officers of the legislative bodies of the special districts in the county that are required or authorized to deposit funds in the county treasury
  • up to five members of the public

Treasury Oversight Committee Minutes

Unclaimed Property

Unclaimed money from estates of decedents

County of Marin may receive unclaimed money from estates of decedents who have unknown or unlocated heirs. These monies may be deposited with the County Treasurer and may be claimed pursuant to applicable Probate and/or Government Code Section(s).

Government Code Section 50050 provides that certain unclaimed monies, which remain in the treasury or in the custody of the officers of a local agency for three years, become the property of the agency. At the end of the three-year period, items in excess of $15 must be published as notification that the money will become the property of the County at a designated date if left unclaimed.

Stale-Dated Warrants

Government Code Section 29802, states that unless otherwise provided by ordinance, any warrant issued is void if not presented to the county treasurer for payment within six months after its date.

Under the provisions of this section, whenever warrants become void, the monies in the county treasury represented by the warrants may be transferred to the general fund.  Any time within two years from the date which the original warrant becomes void, the payee of the warrant may present it to the agency on which it was drawn (or declare by affidavit that the warrant has been lost or destroyed) and the governing body may authorize a new warrant to be issued.

California Government Code Section

California Government Code Section 50050

For purposes of this article, “local agency” includes all districts. Except as otherwise provided by law, money, excluding restitution to victims, that is not the property of a local agency that remains unclaimed in its treasury or in the official custody of its officers for three years is the property of the local agency after notice if not claimed or if no verified complaint is filed and served. At any time after the expiration of the three-year period, the treasurer of the local agency may cause a notice to be published once a week for two successive weeks in a newspaper of general circulation published in the local agency. Money representing restitution collected on behalf of victims shall be either deposited into the Restitution Fund or used by the local agency for purposes of victim services after the expiration of the three-year period. However, with respect to moneys deposited with the county treasurer pursuant to Section 7663 of the Probate Code, this three-year period to claim money held by a local agency is extended for an infant or person of unsound mind until one year from the date his or her disability ceases

California Government Code Section 29802

(a) Unless otherwise provided by ordinance, any warrant issued is void if not presented to the county treasurer for payment within six months after its date.

Whenever, under the provisions of this section, warrants drawn on trust funds became void, the moneys in the county treasury represented by the warrants may be transferred to the general fund of the county by the county auditor unless disposition is otherwise provided by law.

(b) Any time within two years from the date on which the original warrant became void, the payee or assignee of any warrant which is void as provided in this section may present the warrant to the governing body of the agency on which the warrant was drawn, or declare by affidavit that the warrant has been lost or destroyed, and the governing body may by resolution authorize the auditor to draw new warrants within the limitations prescribed by the resolution without prior individual order of the governing body, provided the limitations prescribed by this section have been complied with. The new warrant shall be subject to the same limitations as the original warrant which it replaces.

(c) If, at any time after a period of two years from the date on which the original warrant became void, or during such other period of time as specified by ordinance, the payee or assignee presents such warrant to the governing body of the agency on which the warrant was drawn, the governing body may adopt an order instructing the county auditor to draw a new warrant in favor of the payee or assignee in the same amount as the original warrant, or the governing body, by resolution, may authorize the auditor, without prior individual order of the governing body, to draw warrants within the limitations prescribed by the resolution in any case in which the auditor determines that it would be inequitable or unreasonable not to draw the warrant, and money is available in the county treasury to make payment on the indebtedness. If the auditor deems it necessary, he or she may present a voided warrant to the governing body for its review, approval, and appropriation of funds. Any such new warrant shall be subject to the same limitations as the original warrant which it replaces.

California Government Code Section 27130-27137

27130. The Legislature finds and declares that local agencies, including school districts, should participate in reviewing the policies that guide the investment of those funds. The Legislature further finds and declares that by pooling deposits from local agencies and other participants, county treasuries operate in the public interest when they consolidate banking and investment activities, reduce duplication, achieve economies of scale, and carry out coherent and consolidated investment strategies. The Legislature further finds and declares that the creation of county treasury oversight committees will promote the public interest by involving depositors in the management of their funds and by enhancing the security and investment return on their funds by providing a more stable and predictable balance for investment by establishing criteria for the withdrawal of funds.

27131. (a) The board of supervisors in each county or city and county may, if the county or city and county is investing surplus funds, establish a county treasury oversight committee. The board of supervisors, in consultation with the county treasurer, shall determine the exact size of the committee, which shall consist of from 3 to 11 members, and the categories from which the members shall be represented, as specified in subdivisions (a) to (g), inclusive, of Section 27132. Members shall be nominated by the treasurer and confirmed by the board of supervisors.

(b) In recognition of the state and local interests served by the action made optional in subdivision (a), the Legislature encourages local agencies to continue taking the action formerly mandated by this section. However, nothing in this subdivision may be construed to impose any liability on a local agency that does not continue to take the formerly mandated action.

27132. The county treasury oversight committee, pursuant to Section 27131, shall consist of members appointed from the following:

(a) The county treasurer.

(b) The county auditor, auditor-controller, or finance director, as the case may be.

(c) A representative appointed by the county board of supervisors.

(d) The county superintendent of schools or his or her designee.

(e) A representative selected by a majority of the presiding officers of the governing bodies of the school districts and community college districts in the county.

(f) A representative selected by a majority of the presiding officers of the legislative bodies of the special districts in the county that are required or authorized to deposit funds in the county treasury.

(g) Up to five other members of the public.

(1) A majority of the other public members shall have expertise in, or an academic background in, public finance.

(2) The other public members shall be economically diverse and bipartisan in political registration.

27132.1. A member may not be employed by an entity that has (a) contributed to the campaign of a candidate for the office of local treasurer, or (b) contributed to the campaign of a candidate to be a member of a legislative body of any local agency that has deposited funds in the county treasury, in the previous three years or during the period that the employee is a member of the committee.

27132.2. A member may not directly or indirectly raise money for a candidate for local treasurer or a member of the governing board of any local agency that has deposited funds in the county treasury while a member of the committee.

27132.3. A member may not secure employment with, or be employed by, bond underwriters, bond counsel, security brokerages or dealers, or financial services firms, with whom the treasurer is doing business during the period that the person is a member of the committee or for one year after leaving the committee.

27132.4. Committee meetings shall be open to the public and subject to the Ralph M. Brown Act (Chapter 9 (commencing with Section 54950) of Part 1 of Division 2 of Title 5).

27133. In any county that establishes a county treasury oversight committee pursuant to this article, the county treasurer shall annually prepare an investment policy that will be reviewed and monitored by the county treasury oversight committee. The investment policy shall include all of the following:

(a) A list of securities or other instruments in which the county treasury may invest, according to law, including the maximum allowable percentage by type of security.

(b) The maximum term of any security purchased by the county treasury.

(c) The criteria for selecting security brokers and dealers from, to, or through whom the county treasury may purchase or sell securities or other instruments. The criteria shall prohibit the selection of any broker, brokerage, dealer, or securities firm that has, within any consecutive 48-month period following January 1, 1996, made a political contribution in an amount exceeding the limitations contained in Rule G-37 of the Municipal Securities Rulemaking Board, to the local treasurer, any member of the governing board of the local agency, or any candidate for those offices.

(d) Limits on the receipt of honoraria, gifts, and gratuities from advisors, brokers, dealers, bankers, or other persons with whom the county treasury conducts business by any member of the county treasury oversight committee. These limits may be in addition to the limits set by a committee member's own agency, by state law, or by the Fair Political Practices Commission.

(e) A requirement that the county treasurer provide the county treasury oversight committee with an investment report as required by the board of supervisors.

(f) The manner of calculating and apportioning the costs, authorized by Section 27013, of investing, depositing, banking, auditing, reporting, or otherwise handling or managing funds.

(g) The terms and conditions under which local agencies and other entities that are not required to deposit their funds in the county treasury may deposit funds for investment purposes.

(h) Criteria for considering requests to withdraw funds from the county treasury, pursuant to Section 27136. The criteria shall include an assessment of the effect of a proposed withdrawal on the stability and predictability of the investments in the county treasury.

27134. The county treasury oversight committee shall cause an annual audit to be conducted to determine the county treasury's compliance with this article. The audit may include issues relating to the structure of the investment portfolio and risk.

27135. The costs of complying with this article shall be county charges and may be included with those charges enumerated under

Section 2701

27136. (a) Notwithstanding any other provision of law, any local agency, public agency, public entity, or public official that has funds on deposit in the county treasury pool and that seeks to withdraw funds for the purpose of investing or depositing those funds outside the county treasury pool, shall first submit the request for withdrawal to the county treasurer before withdrawing funds from the county treasury pool.

(b) The county treasurer shall evaluate each proposed withdrawal for its consistency with the criteria adopted pursuant to subdivision (h) of Section 27133. Prior to approving a withdrawal, the county treasurer shall find that the proposed withdrawal will not adversely affect the interests of the other depositors in the county treasury pool.

27137. Nothing in this article shall be construed to allow the county treasury oversight committee to direct individual investment decisions, select individual investment advisors, brokers, or dealers, or impinge on the day-to-day operations of the county treasury.