Nevada County Grand Jury • 1997-1998

Nevada County Treasurer-tax Collector Reason for the Investigation*

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Note: Missing finding numbers detected: F10, F11, F12, F13, F14, F15, F16, F17, F18, F19, F20, F21, F22, F23, F24, F25, F26, F27, F28, F29, F30, F31, F32, F33, F34, F35, F36, F37, F38, F39, F40, F41, F42, F43, F44, F45, F46, F47, F48, F49, F50, F51, F52, F53, F54, F55, F56, F57, F58, F59, F60, F61, F62, F63, F64, F65, F66, F67, F68, F69, F70, F71, F72, F73, F74, F75, F76, F77, F78, F79, F80, F81, F82, F83, F84, F85, F86, F87, F88, F89, F90, F91, F92, F93, F94, F95, F96, F97, F98, F99, F100, F101, F102, F103, F104, F105, F106, F107, F108, F109, F110, F111, F112, F113, F114, F115, F116, F117, F118, F119, F120, F121, F122, F123, F124, F125, F126, F127, F128, F129, F130, F131, F132, F133, F134, F135, F136, F137, F138, F139, F140, F141, F142, F143, F144, F145, F146, F147, F148, F149, F150, F151, F152, F153, F154, F155, F156, F157, F158, F159, F160, F161, F162, F163, F164, F165, F166, F167, F168, F169, F170, F171, F172, F173, F174, F175, F176, F177, F178, F179, F180, F181, F182, F183, F184, 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F1871, F1872, F1873, F1874, F1875, F1876, F1877, F1878, F1879, F1880, F1881, F1882, F1883, F1884, F1885, F1886, F1887, F1888, F1889, F1890, F1891, F1892, F1893, F1894, F1895, F1896, F1897, F1898, F1899, F1900, F1901, F1902, F1903, F1904, F1905, F1906, F1907, F1908, F1909, F1910, F1911, F1912, F1913, F1914, F1915, F1916, F1917, F1918, F1919, F1920, F1921, F1922, F1923, F1924, F1925, F1926, F1927, F1928, F1929, F1930, F1931, F1932, F1933, F1934, F1935, F1936, F1937, F1938, F1939, F1940, F1941, F1942, F1943, F1944, F1945, F1946, F1947, F1948, F1949, F1950, F1951, F1952, F1953, F1954, F1955, F1956, F1957, F1958, F1959, F1960, F1961, F1962, F1963, F1964, F1965, F1966, F1967, F1968, F1969, F1970, F1971, F1972, F1973, F1974, F1975, F1976, F1977, F1978, F1979, F1980, F1981, F1982, F1983, F1984, F1985, F1986, F1987, F1988, F1989, F1990, F1991, F1992, F1993

Findings and Recommendations 10 findings

F1
The annual cash flow through the treasury is approximately $250 million dollars. This includes funds for many entities other than the County of Nevada, i.e. schools and other special districts.
No recommendations for this finding
F2
The treasury acts as the bank for most all of Nevada County public agencies. Acting in this capacity the treasury will receive receipts and pay out expenditures daily. The residual cash that stays in the treasury makes up its investment portfolio. This portfolio will vary from $55 million to $70 million during any one month.
No recommendations for this finding
F3
The portfolio is invested at the discretion of the TTC consistent with the authorization and prohibitions contained in the state Government Code.
No recommendations for this finding
F4
The portfolio averaged approximately $60 million per month during the 1997 calendar year and earned approximately $3 million for the year at an average rate of return of 5.67 percent.
No recommendations for this finding
F5
The TTC does not use the State of California Local Agency Investment Fund. The treasurer's return on investment out-performed this fund during the 1997 calendar year.
No recommendations for this finding
F6
It is the goal of the TTC to keep 96 percent of the treasury funds invested. This would include funds that are in the interest bearing operating account. The goal has been exceeded during the 1996 and 1997 calendar years.
No recommendations for this finding
F7
During the two peak periods of tax payments, December and April, the office will make as many as three bank deposits a day. During this same time the TTC will add three to four part-time workers to assist the office. The average time for any receipts to deposit and invest is approximately two working days.
No recommendations for this finding
F8
The Board of Supervisors by Resolution 96469 established the Nevada County Treasury Oversight Committee as required by Government Code Section 27131. The Treasury Oversight Committee was established in the aftermath of the failure of Orange County's investment pool and bankruptcy filing in 1994.
No recommendations for this finding
F9
In December 1997, the TTC presented an updated investment policy to the Board of Supervisors. This policy is designed to protect the taxpayers' funds from any speculation on the part of the TTC. CONCLUSIONS
No recommendations for this finding
F1994 Page 1
9. In December 1997, the TTC presented an updated investment policy to the Board of Supervisors. This policy is designed to protect the taxpayers' funds from any speculation on the part of the TTC. CONCLUSIONS
No recommendations for this finding

Conclusions 2

* This report's PDF did not contain easily extractable text and required Optical Character Recognition (OCR) for analysis. There may be minor errors in the extracted findings and recommendations due to OCR limitations with scanned documents.