Lifetime Citizen Portal Access — AI Briefings, Alerts & Unlimited Follows
Alpine County committee forwards updated investment policy to Board after advisor briefing
Loading...
Summary
The Treasury Oversight Committee voted to forward a revised 2026 investment policy to the Board of Supervisors after a briefing from the county’s investment advisor, who reported roughly 4% return over the past 12 months and recommended policy changes aligned with Senate Bill 595.
The Alpine County Treasury Oversight Committee voted Thursday to forward a revised 2026 investment policy to the Board of Supervisors after receiving a quarterly briefing from the county’s investment advisor.
Klaus Leidenbauer, director of finance and the county treasurer, introduced the item and explained that the redlined policy packet includes two changes recommended by the advisor and staff. One would extend a code provision that had been scheduled to sunset in 2026 to 2031; the other would raise the maximum allowable commercial paper maturity from 270 days to 397 days to conform with recent state law.
Carlos, the county’s investment advisor at Chandler, framed the recommended changes against the committee’s stated objectives. “One of the objectives under California code are safety first, the funds have to be safe,” he said, adding that the portfolio is managed for liquidity next and then to generate a competitive return. Carlos told the committee the portion of the pool his firm manages is valued at about $8,100,000, has an average duration of approximately 1.76 years and is heavily weighted toward U.S. Treasury securities.
Carlos reported performance and context to justify the approach. For the 12 months ended March 31 he said the portfolio returned about 4%, with roughly three‑quarters of that return coming from interest income rather than market appreciation. He cited recent global events and higher oil prices as drivers that have pushed yields higher and influenced decisions about portfolio duration and reinvestment.
The statute and regulatory changes underlying the policy edits were discussed on the record. Carlos referenced Senate Bill 595 when explaining why the commercial paper maturity limit is being extended, and said the state’s Local Agency Investment Guide and related guidance from the State Treasurer’s office inform the updates.
A committee member moved to forward the 2026 investment policy incorporating the two changes to the full Board of Supervisors; another member seconded and the chair called the vote. The motion passed (vote counts were not specified in the transcript). The committee did not record a roll‑call tally in the meeting record.
The revised policy will be transmitted to the Board of Supervisors for consideration; committee members described the referral as the next procedural step.
