Treasury committee recommends updated investment policy to allow public money market accounts

The Treasury Oversight Committee voted to recommend changes to Alpine County’s investment policy that would explicitly allow public money market accounts and add glossary definitions for such accounts.

Kara Hooks of Chandler Asset Management said she revised the policy to include placement service deposits, collateralized bank deposits and collateralized time deposits and to reflect recent updates to the California Government Code. "Kara Hooks here with Chandler Asset Management," she said before summarizing the edits and offering to answer questions.

Committee members asked no substantive questions about the policy text. A committee member moved to recommend the policy changes to the Board of Supervisors and another seconded; the motion passed unanimously.

The committee chair said staff will place the policy amendment on the Board agenda and decide whether it should appear as regular business or on the consent calendar after consulting with the assistant treasurer-tax collector. The change is procedural: the committee asked the Board to authorize the amended policy and did not itself adopt any binding account changes.

Next steps: the committee directed staff to bring the policy amendment to the Board of Supervisors for approval, after which any specific account openings would be considered in a separate Board item.