The Treasurer’s office provides banking services for all County departments and those agencies either required to invest or volunteering to invest in the County Treasury Pool. These responsibilities include the receiving, depositing and investing of all monies in the portfolio and payment of all warrants for the County and participating agencies. The Treasurer also provides certain trustee services and has certain fiduciary responsibilities for special assessment districts within the County and other agencies.

A partial listing of these mandated services is outlined below.

Banking Services

Section 27000 of the Government Code requires the county treasurer to "receive and keep safely all money belonging to the county and all other money directed by law to be paid to him and apply and pay it out, rendering the account as required by law."

Section 27002 further requires the treasurer to "keep an account of the receipt and expenditure of all money received or paid out by him or her in books provided for the purpose."

Investment of Funds

Pursuant to Section 27000.1 of the Government Code and as delegated by the Board of Supervisors, the Treasurer is the authority responsible for the investment and reinvestment of the funds of the county and the funds of other depositors in the county treasury, pursuant to Chapter 4 (commencing with Section 53600) of Part 1 of Division 2 of Title 5. As such, the county treasurer is held to the prudent investor standard of the law. The county treasurer shall thereafter assume full responsibility for those transactions until the board of supervisors either revokes its delegation of authority, by ordinance, or decides not to renew the annual delegation, as provided in Section 53607.

Section 53601 defines those surplus monies of local agencies which may be invested in defined types of investments set by the State.

County Treasury Oversight Committee

Pursuant to Sections 27130 through 27137, each county in the State should anually adopt a County Investment Policy and also staff a treasury oversight committee to review, approve and monitor compliance with the investment policy.

Deposit of Funds

Pursuant to Sections 53630 through 53684, the responsibility for the depositing of funds is assigned to the county treasurer. In these sections, funds are defined, deposits and securities for deposits are classified and numerous reporting requirements are detailed. Additionally, contracts with depositories and alternative procedures for the investment of excess funds are given.

Section 53684 requires the treasurer to compute interest owed to the treasury and apportion interest to pool participants.

Temporary Borrowing

Government Code Section 53850 authorizes the county to issue short-term notes for the purposes of temporary borrowing. The county treasurer has overseen the issuance of these TRANs and investment of the proceeds in San Bernardino County.

Oversight of Local Agencies

The county treasurer has certain oversight responsibilities for local agencies, primarily school districts and community college districts, within the county. Pursuant to Sections 53821, the Treasurer must review all temporary borrowings of any school district, county board of education, or community college district.

Trustee Services

The treasurer may also act as the trustee and provide trustee and paying agent services for notes or long-term debt issued by local special assessment districts, benefit assessment districts and school districts.