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Treasurer recommends switch to bundled investment manager to save custodial fees; board approves review
Summary
The county treasurer recommended moving investment management from Chandler Asset Management to Public Funds Inc. (Meter/Public Funds model) to reduce custodial fees and reinvest maturities more efficiently; the board approved moving forward pending document review.
Sierra County’s treasurer recommended replacing the county’s current investment advisor and custodian arrangement to reduce fees and improve reinvestment of maturing funds.
Treasurer Jenny (last name not provided) explained the county currently pays roughly $32,000 a year for advisory services to Chandler plus $21,000–$22,000 for custodial services to US Bank. Under the proposed Public Funds/Meter model, custodial arrangements would be bundled, saving an estimated $15,000 a year in custodial costs and enabling automatic reinvestment of maturing securities based on analyzed cash‑flow patterns.
The treasurer said the county pool currently holds just under $40 million and the new approach would allow staff to better budget predictable monthly interest income. The board asked for the draft agreement and staff confirmed county counsel had reviewed the proposed contract before finalizing the change of managers; a motion to adopt the new agreement was made and seconded. The board approved the manager transition and directed staff to finalize contractual details.
