San Diego County board votes to join California Fixed Income Trust JPA as founding member
June 10, 2026 | San Diego County, California
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On June 9, 2026, the San Diego County Board of Supervisors voted unanimously to authorize the county to join the California Fixed Income Trust Joint Powers Authority as a founding member.
Treasurer-Tax-Collector Larry Cohen told the board the measure would allow the county to execute the JPA agreement, act on the county’s behalf within CalFit, appoint a permanent board member, and continue investing county funds in the trust. "Approving this resolution authorizes the county...to secure a permanent seat on the CalFit board that provides us significant influence...over investment policy, risk management, oversight of service providers, and a long-term strategy," Cohen said, framing the change as enhancing governance without additional cost.
Cohen said the county already has funds placed in the pool: "We already have $100 million in it right now," he stated when asked how much the county has invested. He described CalFit as operating within county investment rules and state law and said daily liquidity is available for short-term county cash needs.
Supervisor questions focused on benefits, governance and risk. A supervisor asked why the county should join the JPA if it can already invest in the fund; Cohen replied that founding membership secures a permanent seat and voting input into the fund’s governance, providing leverage over service providers and policy. Cohen also said the risk profile would not change and emphasized liquidity and safety for peak tax-collection periods when the county needs a place to 'park' incoming funds.
A supervisor moved the item and another seconded. The motion passed "unanimously with all supervisors who are present voting I," approving authorization for the county to join CalFit as a founding member.
The board proceeded to the remainder of the meeting and then recessed to closed session. Any reportable closed-session actions were scheduled to be reported in the land use session the next morning.
Treasurer-Tax-Collector Larry Cohen told the board the measure would allow the county to execute the JPA agreement, act on the county’s behalf within CalFit, appoint a permanent board member, and continue investing county funds in the trust. "Approving this resolution authorizes the county...to secure a permanent seat on the CalFit board that provides us significant influence...over investment policy, risk management, oversight of service providers, and a long-term strategy," Cohen said, framing the change as enhancing governance without additional cost.
Cohen said the county already has funds placed in the pool: "We already have $100 million in it right now," he stated when asked how much the county has invested. He described CalFit as operating within county investment rules and state law and said daily liquidity is available for short-term county cash needs.
Supervisor questions focused on benefits, governance and risk. A supervisor asked why the county should join the JPA if it can already invest in the fund; Cohen replied that founding membership secures a permanent seat and voting input into the fund’s governance, providing leverage over service providers and policy. Cohen also said the risk profile would not change and emphasized liquidity and safety for peak tax-collection periods when the county needs a place to 'park' incoming funds.
A supervisor moved the item and another seconded. The motion passed "unanimously with all supervisors who are present voting I," approving authorization for the county to join CalFit as a founding member.
The board proceeded to the remainder of the meeting and then recessed to closed session. Any reportable closed-session actions were scheduled to be reported in the land use session the next morning.
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