The Monterey County Treasury Oversight Committee was re-established in 2008 and its primary purpose is to ensure the Treasury operates in compliance with the Monterey County Investment Policy. The State mandate for the existence of the Committee was suspended in 2004, however, the Monterey County Treasurer-Tax Collector feels the Committee serves an important function and has elected to continue the program regardless of State funding.
The Treasury Oversight Committee is responsible for the review and approval of the Treasury’s Investment Policy. The Committee also causes an annual compliance audit of the Treasury’s investment operations, and reviews those findings. At annual meetings of the Committee, the Treasury’s investment reports are reviewed, as well as any current topics that concern investments or investment policy.
The Committee members are nominated by the Treasurer-Tax Collector and confirmed by the Board of Supervisors. The Committee consists of six members including: the Treasurer-Tax Collector, the County Administrative Officer or his/her designee; the County Superintendent of Schools, or his/her designee; a representative of the governing bodies of County school districts; a representative of the legislative bodies of County special districts that are authorized depositors in the County Treasury; and a member of the public.
The Monterey County Treasury Oversight Committee operates pursuant to California Government Code section 27130 et seq.