Travis County Commssioners Court
September 9, 2003
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Item 5
5. Appve resolution congratulating cash investment management staff on being awarded the certificate of distinction by the government treasurers' organization of Texas for developing an outstanding investment policy.
>> mr. Davis.
>> good morning, him harvey Davis, [papers shuffling - audio interference] director of the investment -- [indiscernible] is on their way down, we are certainly happy to give this award on the investment policy that has been worked on over many years refined. I certainly thank barbara wilson the county attorney who has helped us over the years. And here comes the rest of the staff.
>> in that case let me read it. It reads resolved that Travis County Commissioners court congratulations the cash investment management department and our officers, mary mays investment manager, Margaret Davis, assistant investment manager, harvey to his left, raising his hand so his huge fans will see him.
>> raise your hand.
>> okay. [laughter]
>> that office is also known for shyness. And all other current and former involved Travis County personnel on being awarded the certificate of distinction by the government treasurer's organization of Texas, gtot for developing an outstanding investment policy. Gtot had a comprehensive view to determine the compliance of the public funds investment act of Texas and standards for approval public investing established by the government's treasurer's organization of Texas. The gtot examiner has said the policy is "the best i've seen". And I know you investment managers are superb, but also doing a good job of writing your own resolutions.
>> second.
>> I would just like to say, you know, mary and harvey worked extremely hard on advancing -- investing, very safely investing the county's funds. They worked with cash flows, coordinated with the treasurer's office, the county attorney's office and constantly with the county auditor's office and we are very proud of the distinction that -- that the -- that the government treasurer's organization has given our cash investment management department and I appreciate the court making the resolution to that effect.
>> we all recall that when public dollars were making good returns, we did more than our share.
>> that's correct.
>> now the money, of course, just sort of sits there in the bank, right?
>> and when the interest rates go down and we get into a period of -- of low interest rates, it's even more difficult in determining when you go short, when you go long on this and I think mary and harvey do an excellent job at that.
>> I think another measure is when we go to conferences with other county judges and Commissioners and you kind of get these blank looks of we're supposed to have a policy? One of the policies that's being used as a model for others to take a look at and adopt to whatever their needs are in their county is the Travis County policy. I think that says a lot when your peers in other counties say they got it right, we are going to steal their good ideas, congratulations.
>> we have an investment advisory committee made up of how many?
>> oh, we have about nine. I guess we have five outside the advisors from various other governmental entities here. Commissioner Davis and Commissioner Daugherty also sit on that committee. And they help us to review and improve the investment policy as well. And we thank you, the Commissioners court, you are always involved in it and we would be pleased to share a copy with anyone who would be interested.
>> okay. All in favor? That passes by unanimous vote.
>> thank you all very much, congratulations.
>> congratulations.
>> thank you.
Last Modified: Wednesday, September 9, 2003 7:52 AM