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Santa Cruz County treasurer delays new system, issues deposit-receipt rule after tax-lien sale and new investment policy
Summary
The county treasurer reported a successful tax-lien sale, announced a new county investment policy to be submitted for Government Investment Officers Association review, postponed a vendor rollout of a new treasury system until next March, and said county entities must complete treasurer deposit receipts after one department resisted the change.
County Treasurer (name not specified) told the Santa Cruz County Board of Supervisors on March 18 that the county will postpone rolling out a new treasury system until next March and has put a mandatory change in place requiring entities the treasurer serves to complete their own treasurer's receipt when depositing funds.
The treasurer reported results from the county's February tax-lien sale: total bids amounted to $898,040.70, with 3,141 bids placed on 935 items; 597 items sold; 80 qualified bidders; 247 registered users; and 6,721 parcels included in the sale. The treasurer said those results were reconciled and refunds issued to unsuccessful bidders.
The treasurer said the county has developed a written investment policy (which will be submitted to the Government Investment Officers Association for review and certification) and is moving some custody and investment relationships. "We will be very conservative," the treasurer said, adding the county closed an account with UBS and is working with a principal custodian and outside advisers to diversify short-term maturities while staff refines cash-flow needs.
Asked about the new treasury software, the treasurer said CollectWare Harris, the vendor, is not yet ready for the county to adopt the system and that adopting during fiscal-year deadlines would be risky. "I will not go into this treasurer system until they can 100% confirm to me that they are fully ready for us to adopt that system," the treasurer said; the office now expects a March rollout next year.
The treasurer described a separate operational change made in November: county entities must complete and sign their own treasurer's receipt and provide supporting documentation when bringing deposits. Ten of 11 entities adopted the practice, the treasurer said, but one entity resisted, prompting legal review and mediation. The treasurer said the options presented to the resisting entity were to comply, indemnify the treasurer's office for any errors, or bank elsewhere; the parties reached a temporary resolution under which the entity will provide a signed attachment rather than a fully completed receipt.
The treasurer characterized the change as a checks-and-balances measure to improve transparency and reconciliation. "Once you receive that treasurer's receipt validated, that's where you can then also double verify that it was entered into the correct funds," the treasurer said.
Board members thanked the treasurer for the report and for pursuing greater oversight; one board member said they would reach out to the department that resisted to help resolve remaining issues.
Ending: The treasurer left copies of the draft investment policy with the board and said the office will post the final, certified policy to the county website after GIOA review. The treasurer also said staff will continue to refine a rollout calendar for the new treasury software and keep the board informed.
