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Board adopts new treasurer policies, including five-step reconciliation and updated investment policy
Summary
The Santa Cruz County Board unanimously approved a set of treasurer's office policies and guidebooks covering investment policy, a multi-step reconciliation process and credit-card reconciliation procedures intended to increase oversight and transparency.
The Santa Cruz County Board of Supervisors unanimously approved new treasurer's office policies and guidebooks that formalize investment practices, implement a five-step account reconciliation process and codify credit-card reconciliation procedures.
Why it matters: The policies establish written standards for prudence, ethics, delegation of authority and oversight of investments and reconciliations. The treasurer’s presentation emphasized safety of principal, liquidity and then return as the portfolio's primary objectives.
Treasurer Mr. Pass told the board the investment policy “defines the parameters within which funds are to be…
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