BOS-2026-49 : Adopt Board Policy Resolution amending Board of Supervisors' Policy Manual Section 4.8 relating to Treasury Investment Policy, and direct the Clerk of the Board to include Policy in Board of Supervisors' Policy Manual.
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The document outlines a recommendation to amend the County's Investment Policy, specifically Board of Supervisors' Policy Manual Section 4.8. The proposed amendments were reviewed and approved by the Treasury Oversight Committee. The revisions aim to recognize changes in the law, reflect new investment opportunities, enhance risk controls, and correct drafting errors. The recommended action is expected to have no fiscal implications or impacts on children, seniors, or sustainability. Following approval, the Clerk of the Board will update the Policy Manual.
Key points
Recommendation to adopt amendments to the County's Investment Policy.
Revisions approved by the Treasury Oversight Committee.
No direct fiscal implications from the amendments.
Changes include recognition of legal updates, new investment opportunities, and drafting corrections.
No impact on children, seniors, or sustainability.
Limitations
The document appears to be a draft as it includes placeholders and lacks finalized details.
Specific dates and details regarding the Treasury Oversight Committee meetings are mentioned but not fully resolved.
The attachment references are incomplete and do not provide full context.
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County of Santa Clara Finance Agency Administration 128272 DATE: April 28, 2026 TO: Board of Supervisors FROM: Margaret Olaiya, Director of Finance SUBJECT: Amendments to the County's Investment Policy RECOMMENDED ACTION Adopt Board Policy Resolution amending Board of Supervisors' Policy Manual Section 4.8 relating to Treasury Investment Policy, and direct the Clerk of the Board to include Policy in Board of Supervisors' Policy Manual. FISCAL IMPLICATIONS There are no direct fiscal implications related to the approval of the actions noted above. REASONS FOR RECOMMENDATION Under Government Code Section 53646, the Treasurer may annually provide a statement of investment policy to the Board. The policy and any changes must be reviewed and approved by the Board at a public meeting. With the establishment of a Treasury Oversight Committee pursuant to Government Code Section 27130 et seq., the investment policy must also be presented to and reviewed by the Committee. The Committee meets at least annually, as required by Government Code. In some years, however, the Committee meets more frequently if it believes that current matters merit additional attention. The Committee convened on...
The document is a resolution from the Board of Supervisors of Santa Clara County amending Section 4.8 of the Board of Supervisors' Policy Manual, which relates to the Treasury Investment Policy. It outlines the intent, scope, objectives, risk mitigation strategies, standards of care, authorized financial dealers, and the establishment of a County Treasury Oversight Committee. The policy aims to ensure the investment of short-term surplus funds in a manner that provides competitive returns while maintaining security and liquidity.
Key points
The resolution amends Section 4.8 of the Board of Supervisors' Policy Manual regarding the Treasury Investment Policy.
The purpose is to set forth the County's policy for investing short-term surplus funds.
The investment policy applies to all financial assets held by the County.
Objectives include safeguarding principal, meeting liquidity needs, and attaining a market rate of return.
The County Treasury Oversight Committee is established to advise the County Treasurer on investment management.
Limitations
The document includes placeholders for dates and voting results that are not filled in.
Exhibit A is referenced but not fully included in the text.
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POLICY RESOLUTION NO. ----- RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF SANTA CLARA AMENDING BOARD OF SUPERVISORS' POLICY MANUAL SECTION 4.8 RELATING TO TREASURY INVESTMENT POLICY WHEREAS, the Board of Supervisors wishes to give direction and set policy on matters for which the responsibility of decision is placed on them by virtue of State law, the provisions of the County Charter, specific ordinances and resolutions, or in areas related to its broad policymaking authority over matters regarding Santa Clara County; WHEREAS, the Board of Supervisors wishes to clearly state and compile policies and to provide for distribution of these policies to affected decision-makers; and WHEREAS, the Board of Supervisors' Policy Manual is not set by ordinance, is not legally binding, can be changed by adoption of a resolution approved by a majority of the Board of Supervisors, and is intended to give guidance to staff and future Boards of Supervisors; II II II II II II II II II II II II II II Board Policy Resolution Amending Section 4.8 Page 1 of3 NOW, THEREFORE, BE IT RESOLVED, by the Board of Supervisors of the County of Santa Clara, State of California, that the Board of...
This document outlines the County of Santa Clara's Treasury Investment Policy, which governs the investment of short-term surplus funds. The policy emphasizes safeguarding principal, meeting liquidity needs, and achieving a competitive rate of return while adhering to state laws and county ordinances. It details objectives, risk mitigation strategies, standards of care, and the establishment of a County Treasury Oversight Committee. The policy specifies authorized financial dealers and institutions, eligible investments, and procedures for managing credit, liquidity, interest rate, and operational risks.
Key points
The policy aims to provide a competitive return while ensuring maximum security of public funds.
It applies to all financial assets held by the County, particularly those in the Commingled Investment Pool.
Investment objectives include safeguarding principal, ensuring liquidity, and attaining market rates of return.
The County Treasurer is responsible for managing investments with a fiduciary duty to act prudently.
A County Treasury Oversight Committee is established to advise the County Treasurer and monitor investment activities.
The policy outlines standards for authorized financial dealers and institutions and specifies eligible investments.
Limitations
The text is truncated and does not provide complete information on the investment policy.
Some sections contain unresolved placeholders or incomplete sentences, affecting the summary.
Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.
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4.8 TREASURY INVESTMENT POLICY 4.8.1 Statement of Intent The purpose of this document is to set forth the County of Santa Clara’s policy applicable to the investment of short-term surplus funds. In general, it is the policy of the County to invest public funds in a manner that will provide a competitive rate of return with maximum security while meeting the cash flow requirements of the County, school districts and special districts whose funds are held in the County Treasury, in accordance with all state laws and County ordinances governing the investment of public funds. 4.8.2 Scope This investment policy applies to all financial assets held by the County. Those assets specifically included in this investment policy are accounted for in the County’s Comprehensive Annual Comprehensive Financial Report and are included here as part of the County’s Commingled Investment Pool. 4.8.3 Objectives The following investment objectives shall be applied in the management of the County’s funds. (A) The foremost objective of the County’s investment program shall be to safeguard principal. Investments shall be undertaken in a manner that seeks to ensure the preservation of capital in the...
This document contains public comments from residents of Santa Clara County urging the Board of Supervisors to adopt an ethical investment policy that divests from companies involved in human rights abuses, specifically targeting Chevron and Caterpillar. The comments highlight concerns over investments in these companies due to their alleged roles in human rights violations and environmental harm. The residents request support for a specific item on the Board's agenda related to this policy.
Key points
Residents express disappointment over past investments in Chevron and Caterpillar.
Chevron is accused of supporting military actions against Palestinians and causing environmental harm.
Caterpillar's machinery is linked to human rights abuses in Palestine.
The residents urge the Board of Supervisors to adopt a policy against investing in companies that violate human rights.
Support is requested for a recommendation from the Sustainability Commission to exclude investments in fossil fuels.
Limitations
The document contains multiple public comments that are similar in content, which may affect the clarity of individual perspectives.
Specific dates and details regarding the Board of Supervisors' actions are not provided.
There are unresolved placeholders in the text that may affect the completeness of the summary.
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From: To: Subject: Date: Valerie Robinson BoardOperations [EXTERNAL] [4/28 Item #68] Support Ethical Investment Now! Divest from Human Rights Abuses! Thursday, April 23, 2026 8:56:31 AM Board Operations Clerk, As a resident of Santa Clara County, I was very disappointed to hear that, in the recent past, our county had a $15 million investment in Chevron and still has a $45 million bond in Caterpillar to this day. Chevron directly powers Israel's genocide against Palestinians in Gaza by providing energy to military bases and Israel’s illegal settlements in the West Bank. I have been heartbroken to see Israel starve and kill so many innocent Palestinians over the past 30+ months, and I believe the County must do everything it can to stand up for human rights – including divesting from companies which enable these crimes. Chevron has also harmed our environment, including in our local community. Just a few years ago, in 2021, Chevron’s Richmond refinery spilled 600 gallons of oil into the San Francisco Bay, creating conditions where residents like me had to stay inside because the oil spill made it unsafe to breathe the very air. As for Caterpillar, its heavy machinery has been...
The document contains public comments directed to the Santa Clara County Board of Supervisors regarding Agenda Item 68, which concerns permanent divestment from fossil fuel corporations. Various individuals, including students, express their concerns about human rights abuses and environmental destruction associated with companies like Chevron. They urge the Board to adopt policies that prevent future investments in fossil fuels and to consider ethical investment practices that support sustainability and human rights.
Key points
Multiple public comments advocate for divestment from fossil fuel companies due to their involvement in human rights abuses and environmental degradation.
Chevron is specifically mentioned as a company with a history of severe human rights violations and environmental harm.
The comments highlight the urgency of addressing climate change and the need for immediate action to transition away from fossil fuels.
Several commenters represent youth organizations and emphasize the impact of climate change on future generations.
There is a call for the Board to adopt updated language in their Divestment Policy and to consider ESG (Environmental, Social, and Governance) criteria in investment decisions.
Limitations
The text includes multiple comments but lacks specific details about the context of Agenda Item 68 beyond the general call for divestment.
There are unresolved placeholders and missing information in the document, such as specific dates and names in the header sections.
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From: To: Subject: Date: Valdahyena BoardOperations [EXTERNAL] divestment from chevron Friday, April 24, 2026 8:29:08 PM Chevron's record shows a continued and complete disregard for the human rights of indigenous peoples globally. An independent study in 2021 found that out of some 70 different lawsuits against Chevron, 50 of them contained documented claims of severe human rights abuses. Including instances of torture, slavery ,rape, murder and even genocide. These abuses are not accidents, they are calculated business decisions. Between 2000 and 2003, the construction of the Chevron pipeline between Chad and Cameroon was incredibly violent. By contaminating the water and soil, Chevron induced a famine that displaced 22,000 people. Another abuse happened in South America by a company named Texaco polluting the environment and killing indigenous people. Chevron is an owner company of Texaco. An investment in fossil fuel companies like Chevron is an endorsement of the continuation of such abuses. I urge you to keep that in mind and vote in favor of item 68 to never invest in fossil fuels again. Thank you for your time, council members. From: To: Subject: Date: Shawna Rose...
This document contains public comments from Robert Jung and Donna Wallach regarding ethical investment policies in Santa Clara County. Both individuals express their concerns about the County's financial ties to Chevron and Caterpillar, citing environmental and human rights issues associated with these companies. They urge the Board of Supervisors to adopt Environmental, Social, and Governance (ESG) criteria and support Item #68 on the April 28 agenda, which aims to amend the County's investment policy to exclude investments in fossil fuels and companies involved in human rights abuses.
Key points
Robert Jung emphasizes the need for the County's investments to reflect shared values and expresses dismay over ties to Chevron and Caterpillar.
Jung references environmental damage from Chevron's Richmond refinery spill and human rights abuses linked to both companies.
Donna Wallach, a resident and Jewish American, criticizes the County's investments in Chevron and Caterpillar, linking them to human rights violations in Gaza and Palestine.
Wallach demands the County to adopt an ethical investment policy that excludes investments in companies involved in human rights abuses and fossil fuels.
Both comments support the Sustainability Commission's recommendation and Item #68 on the April 28 agenda.
Limitations
The document does not provide specific dates for the events mentioned beyond the comments' submission dates.
There are unresolved placeholders in the text, such as the subject lines and email addresses, which do not affect the summary but indicate missing information.
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From: To: Subject: Date: Robert Jung BoardOperations [EXTERNAL] [4/28 Item #68] Support Ethical Investment Policies! Monday, April 27, 2026 10:13:24 PM Board Operations Clerk, As a 30-year homeowner, taxpayer, and parent in Santa Clara County, I have consistently supported our county’s growth, voting in favor of every county tax and bond measure put before me. I am writing to ask you to honor that long-standing commitment to our community by ensuring our county investments reflect our shared values. I was deeply dismayed to learn of the County’s significant financial ties to Chevron and Caterpillar. These companies are not just environmentally detrimental—as seen in the 2021 Richmond refinery spill that fouled our local air—but are also directly complicit in human rights abuses abroad. Specifically, the use of Caterpillar machinery in the destruction of homes and the role of Chevron in powering military operations in Gaza are incompatible with the ethical standards our County should uphold. I urge you to support the Sustainability Commission’s recommendation and vote YES on Item #68 on the April 28th agenda. Adopting Environmental, Social, and Governance (ESG) criteria is a...
The source text indicates this attachment appears to be a draft document.
This document contains formal testimony from Amy Gray, Associate Director of Climate Finance at Stand.earth, urging the Santa Clara County Board of Supervisors to support a resolution for fossil fuel divestment. The testimony emphasizes the moral and financial benefits of aligning the County's portfolio with climate goals and highlights the risks associated with the fossil fuel sector. Additionally, there is a separate communication from Kevin Jones regarding concerns about a new annual permit fee for alternative septic systems, questioning the rationale behind the fee and its implications for homeowners.
Key points
Amy Gray urges the Santa Clara County Board of Supervisors to vote YES on the fossil fuel divestment resolution.
The testimony argues that aligning the County's portfolio with climate goals is both a moral necessity and a sound financial strategy.
It is stated that fossil fuel divestment has historically resulted in neutral or positive financial outcomes.
The document highlights the risks associated with the fossil fuel sector, including volatility and stranded asset risks.
Kevin Jones expresses concerns about a new annual permit fee for alternative septic systems, questioning its rationale and fairness.
Limitations
The document includes unresolved placeholders such as specific addresses and names.
The text appears to be a draft as it contains informal elements and lacks final formatting.
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Supplemental Information April 28, 2026, Item No. 68 From: To: Subject: Date: Attachments: Amy Gray BoardOperations [EXTERNAL] Formal Testimony: Support for Fossil Fuel Divestment Tuesday, April 28, 2026 9:02:09 AM Santa Clara Cty Testimony in Support of Fossil Fuel Divestment.pdf Dear Members of the Santa Clara County Board of Supervisors, Please find the attached formal testimony from Stand.earth regarding the upcoming vote on the fossil fuel divestment resolution. As outlined in the attached document, we strongly urge the Board to vote YES on this resolution. Our testimony highlights that aligning the County’s portfolio with climate goals is not only a moral necessity but a proven financial strategy to protect long-term assets from the volatility of the fossil fuel sector. We appreciate your leadership on this critical issue and look forward to the Board's decision. -- Amy Gray | She/Her Associate Director of Climate Finance O: + I live and work on the stolen land of the Tséstho’e (Cheyenne) Očhéthi Šakówiŋ (Lakota) Núu-agha-tʉvʉ-pʉ̱ (Ute) and Ndé Kónitsąąíí Gokíyaa (Lipan Apache) and support LandBack efforts to return the land to its original caretakers. Stand.earth 548...