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Board receives Millennium Fund report and approves five‑year capital and parks plans
Summary
PFM presented the Millennium Capital Project Fund quarterly report; the board approved minor investment‑policy updates. The board also received and approved the GSA five‑year Capital Improvement Plan (approx. $87.1M in FY26–27 projects) and a $3.5M Parks Improvement Plan for FY26–27.
PFM Asset Management presented the quarterly report for the Millennium Capital Project Fund at the Tulare County Board meeting on July 21. Mike Crombetter, a relationship manager with PFM, reported a market value of about $63.8 million as of June 30, an average portfolio yield near 4.16% and an average duration of roughly 3.5 years. Crombetter said the portfolio is invested primarily in high‑grade fixed‑income securities (about 75% U.S. Treasuries and roughly 20% corporates), that credit quality remains strong, and that PFM reviewed policy changes to align with California Government Code on commercial paper maturities (allowing a maximum of 397 days).
"Safety of principal remains the primary investment objective," Crombetter said, and he recommended a small policy update to reflect the code change and an updated adviser naming convention.
The board accepted the report and approved the recommended policy updates via recorded vote (motion passed 4–0).
Later the General Services Agency presented a proposed five‑year Capital Improvement Plan and a separate Parks Improvement Plan. Brooke Sisk, GSA director, and Kyle Taylor, deputy director, summarized completed projects and identified recommended funding adjustments for 12 prior projects and a list of new projects. Highlights included projected FY 25–26 capital expenditures near $38 million (projected through May) and a proposed FY 26–27 portfolio of CIP projects totaling approximately $87.1 million, with an additional identified $56.2 million in future needs.
Sisk and Taylor also presented the second annual Parks Improvement Plan for FY 26–27, recommending a parks budget of roughly $3.5 million (about $2.54M to finish projects already underway, $665K for new projects, and $275K for contingency and reserves). Albert Zendejas, parks manager, described sports‑field investments, restroom and leach‑line upgrades, shade structures funded through an extreme heat/community resilience grant, and other community priorities.
Supervisors commended staff for prioritizing projects across districts. The board voted to receive the CIP and approve the parks improvement plan (motions recorded as passing 4–0).
What's next: departments will proceed with funded projects per the approved CIP and Parks Improvement Plan and the CAO's office will coordinate implementation and reporting. The Millennium Fund policy update will be incorporated into the county’s investment policy as approved.
