All or part of the special reserve fund of the district, or any surplus monies not required for the immediate necessities of the district, may be invested as allowed by law for public funds. (Education Code 41015; Government Code 16430, 53601-53609, 53635)
\n\nThe Board of Education authorizes the district's chief fiscal officer to invest and reinvest such funds on behalf of the district. He/she shall make monthly reports of those transactions to the Board. The Board retains the right to revoke this authority at any time.
\n\nThe Board recognizes that the district's chief fiscal officer has fiduciary responsibility for any funds invested outside the county treasury and is subject to prudent investor standards for investment decisions. As such, he/she shall act with care, skill, prudence and diligence under the prevailing circumstances, including but not limited to the general economic conditions and the anticipated needs of the district. The investment objectives shall be to first safeguard the principal of the funds, then to meet the district's liquidity needs and, third, to achieve a return on the funds. (Government Code 53600.3, 53600.5)
\n\nIn order to enhance investment return, the district's goal shall be to generate an investment yield that attains or exceeds a market-average rate of return through economic cycles.
\n\nThe Board recognizes the importance of overseeing investments made with district funds, including investments by the county treasurer. The Superintendent or designee shall maintain ongoing communication with any county committee established for the purpose of overseeing county investments. In addition, the Superintendent or designee shall keep the Board informed about county policies that guide the investment of these funds.
\n\nThe Board may establish an investment oversight committee to monitor the district's investments and make recommendations to the chief fiscal officer and the Board regarding investment policies.
\n\nAnnual Statement of Investment Policy
\n\nThe district's chief fiscal officer shall annually provide to the Board and any district investment oversight committee a statement of the district's investment policy or, if all district surplus funds are invested with the county treasurer, the county's investment policy.
\n\nThe annual investment report shall be submitted no later than the end of the first quarter of the year to which it applies.
\n\nAt a public meeting, the Board shall review this policy and discuss any changes to be made. (Government Code 53646)
\n\nQuarterly Investment Reports
\n\nThe chief fiscal officer of the district shall provide the Board, Superintendent and internal auditor with quarterly reports of district investments in individual accounts that are $25,000 or more.
\n\n\n", "contentText": "All or part of the special reserve fund of the district, or any surplus monies not required for the immediate necessities of the district, may be invested as allowed by law for public funds. (Education Code 41015; Government Code 16430, 53601-53609, 53635)\n\nThe Board of Education authorizes the district's chief fiscal officer to invest and reinvest such funds on behalf of the district. He/she shall make monthly reports of those transactions to the Board. The Board retains the right to revoke this authority at any time.\n\nThe Board recognizes that the district's chief fiscal officer has fiduciary responsibility for any funds invested outside the county treasury and is subject to prudent investor standards for investment decisions. As such, he/she shall act with care, skill, prudence and diligence under the prevailing circumstances, including but not limited to the general economic conditions and the anticipated needs of the district. The investment objectives shall be to first safeguard the principal of the funds, then to meet the district's liquidity needs and, third, to achieve a return on the funds. (Government Code 53600.3, 53600.5)\n\nIn order to enhance investment return, the district's goal shall be to generate an investment yield that attains or exceeds a market-average rate of return through economic cycles.\n\nThe Board recognizes the importance of overseeing investments made with district funds, including investments by the county treasurer. The Superintendent or designee shall maintain ongoing communication with any county committee established for the purpose of overseeing county investments. In addition, the Superintendent or designee shall keep the Board informed about county policies that guide the investment of these funds.\n\nThe Board may establish an investment oversight committee to monitor the district's investments and make recommendations to the chief fiscal officer and the Board regarding investment policies.\n\nAnnual Statement of Investment Policy\n\nThe district's chief fiscal officer shall annually provide to the Board and any district investment oversight committee a statement of the district's investment policy or, if all district surplus funds are invested with the county treasurer, the county's investment policy.\n\nThe annual investment report shall be submitted no later than the end of the first quarter of the year to which it applies.\n\nAt a public meeting, the Board shall review this policy and discuss any changes to be made. (Government Code 53646)\n\nQuarterly Investment Reports\n\nThe chief fiscal officer of the district shall provide the Board, Superintendent and internal auditor with quarterly reports of district investments in individual accounts that are $25,000 or more.", "footnotes": [ { "type": "State", "references": [ { "code": "Ed. Code 41001", "description": "Deposit of money in county treasury", "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=EDC§ionNum=41001." }, { "code": "Ed. Code 41002", "description": "General fund deposits and exceptions", "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=EDC§ionNum=41002." }, { "code": "Ed. Code 41002.5", "description": "Deposit of certain funds in insured institutions", "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=EDC§ionNum=41002.5." }, { "code": "Ed. Code 41003", "description": "Funds received from rental of real property", "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=EDC§ionNum=41003." }, { "code": "Ed. Code 41015", "description": "Authorization of and limitation investment of district funds", "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=EDC§ionNum=41015." }, { "code": "Ed. Code 41017", "description": "Deposit of miscellaneous receipts", "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=EDC§ionNum=41017." }, { "code": "Ed. Code 41018", "description": "Disposition of money received", "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=EDC§ionNum=41018." }, { "code": "Ed. Code 42840-42843", "description": "Special reserve fund", "url": "https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=EDC&division=3.&title=2.&part=24.&chapter=10.&article=5." }, { "code": "Gov. Code 16430", "description": "Eligible securities for investment of surplus money", "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV§ionNum=16430." }, { "code": "Gov. Code 17581.5", "description": "Mandates contingent upon state funding", "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV§ionNum=17581.5." }, { "code": "Gov. Code 27000.3", "description": "Fiduciary for deposits in county treasury", "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV§ionNum=27000.3." }, { "code": "Gov. Code 27130-27137", "description": "County treasury oversight committees", "url": "https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=GOV&division=2.&title=3.&part=3.&chapter=5.&article=6." }, { "code": "Gov. Code 53600-53609", "description": "Investment of surplus", "url": "https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=GOV&division=2.&title=5.&part=1.&chapter=4.&article=1." }, { "code": "Gov. Code 53630-53686", "description": "Deposit of funds", "url": "https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=GOV&division=2.&title=5.&part=1.&chapter=4.&article=2." }, { "code": "Gov. Code 53635", "description": "Local agency funds; deposit or investment", "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV§ionNum=53635." }, { "code": "Gov. Code 53646", "description": "Treasurer reports and statements of investment policy", "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV§ionNum=53646." }, { "code": "Gov. Code 53852.5", "description": "Investment term for funds designated for repayment of notes", "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV§ionNum=53852.5." }, { "code": "Gov. Code 53859.02", "description": "Borrowing by local agency", "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV§ionNum=53859.02." } ] }, { "type": "Management Resources", "references": [ { "code": "CDIAC Publication", "description": "Local Agency Investment Guidelines, 2002, rev. 2004", "url": "https://www.treasurer.ca.gov/cdiac/laig/guideline.pdf" }, { "code": "Website", "description": "CSBA District and County Office of Education Legal Services", "url": "https://legalservices.csba.org/" }, { "code": "Website", "description": "California Debt and Investment Advisory Commission", "url": "http://www.treasurer.ca.gov/cdiac" } ] } ], "crossRefs": [ { "code": "1220", "title": "Citizen Advisory Committees", "type": "AR" }, { "code": "1220", "title": "Citizen Advisory Committees", "type": "AR" }, { "code": "3000", "title": "Concepts And Roles", "type": "AR" }, { "code": "3290", "title": "Gifts, Grants And Bequests", "type": "AR" }, { "code": "3400", "title": "Management Of District Assets/Accounts", "type": "AR" }, { "code": "3400", "title": "Management Of District Assets/Accounts", "type": "AR" }, { "code": "3460", "title": "Financial Reports And Accountability", "type": "AR" }, { "code": "3460", "title": "Financial Reports And Accountability", "type": "AR" }, { "code": "3470", "title": "Debt Issuance And Management", "type": "AR" }, { "code": "3530", "title": "Risk Management/Insurance", "type": "AR" }, { "code": "3530", "title": "Risk Management/Insurance", "type": "AR" }, { "code": "9130", "title": "Board Committees", "type": "AR" }, { "code": "9270", "title": "Conflict Of Interest", "type": "AR" }, { "code": "9270-E(1)", "title": "Conflict Of Interest", "type": "AR" } ], "attachments": [] }