The URL can be used to link to this page

Home My WebLink About2022/03/01 - Finance Committee Packet Special Finance Committee Meeting ZOOM, March 1, 2022 AGENDA Call meeting to order: New Business: Update to the Registered Warrant Investment Process—See Attached PDC annual filing reports for the Finance Committee-See Attached Other Business Adjourn EXHIBIT "A" COUNTY HELD REGISTERED WARRANTS Policy and Procedures Updated February 2022 Whereas, the Mason County Investment Policy makes provision for investing in registered warrants, it is therefore prudent to set out the following Policy and Procedures: 4- The Treasurer's Office will set a limit on the amount to be registered by each district based on the needs of taxing districts , �vmiit� Reeo..nizing that the annual .mot m need to be raised ., lowered rrres.- „E,...l,...b ......< <..� u.u.uuc ,=niriciiii„ of the F:.,,mee Cefflmitte The Treasurer will notify the Finance Committee via email or other communication when the amount of registered warrants exceeds $1,000,000.00 at any given time. The Treasurer will report to the Finance Committee at least quarterly the amount of registered warrants held as investments by the county. registered be held past 30 a,,,.... Registered Warrants will be held for 30 days from the date of issuance. The Treasurer has the authority to extend the 30 day redemption requirement only after reviewing such circumstances as laid out in writing by the county department/district and such extension meets the investment objectives of the county investment policy. 3. All districts and county departments may participate-based on individual approval and available registered warrant investment balance. 4. This pr-oeess doubles the expenditures on their reports (the original war-rants to vendors f{llll the warrant 11111written 5. School istricts should consider whether it is feasible to take an advance on their monthly apportionment. School Districts should contact the ESD before registering warrants --------------------------------------------------------------------------------------------------------------------- Issuing Registered Warrant Process 1. The district or county department issues a signed Letter of Understanding for the Issuance of Registered Warrant and Promissory Note waffant to the county treasurer. Said Letter of Understanding must be signed by the District Board Chair or authorized representative.and the head of the distriet or-depaAment signs a"Let4er-of ,' 2. Verify with the State Pool (LIGP)for the current interest rate and add 2%for the registered interest rate. 3. Write that interest rate on the efiginal waffant and attaeh it te the Letter of Understanding. P4ae2 in vault fef safekeeping. 4. Write a treasurer's check payable to the county treasurer; give it to the dist.-ietldepa.tment to and receipt deposit baek te us en using their transmittal form using heir containing the fund and BARS#391.60, Anticipation Notes/Warrants. This is like an investment check, so in the description box in the checkbook it should say"TDC Registered Warrant Investment". This is not a remittance. 5. Create an entry in the investment ledger(i.e.: Registered Warrants). a. Enter in the Quickbooks Chart of accounts&MUNIS Eempute for TDC. There is a separate account number. b. Enter on the front of the cash sheet, as a deposit in"TDC Registered Warrants"line. c. Waite Enter the investment information in the investment^alma^"in the Registered Warrant Ledger(J Drive—Investment Folder)the new fegistefed waffant investment on the d. On the office calendar—at least one day prior to redemption date(28—29 days from date of issuance)—note that registered warrant needs to be redeemed on specified date(30 days from issuance). , fegistefe Redeeming Registered Warrant Process 6. Calculate the interest to be paid based on the Bank Method: "The annual interest rate will be computed on a 365/360 basis; this is,by applying the ration of the annual interest rate over a year of 360 days,multiplied by the outstanding warrant amount,multiplied by the actual number of days the registered warrant is outstanding 7. On the"Letter of Understanding"write" ", the date of payment and"PAID"and give a copy;,t baek to the district_or department. Original should be filed in the"Redeemed Registered Warrants"file, in the Investment file cabinet. 8. a)For taxing districts create a miscellaneous receipt and remit the matured registered warrant amount and interest due from the districts appropriate fund. write a Treasurer's check for the matured registered warrant amount and interest create a miscellaneous receipt f6r the interest only and deposit to the Treasurer's Current Expense Fund—BARS 361-10. (see#11 below "Mature the Investment")and pint enter on the cash sheet under"Interest"with the notation of Registered Warrant Interest and the district name. This is a remittance process,but a disbursement on the cash sheet. Guffent Expense, BARS #361 10) and give te the head eashief. 9. 13 a) For county departments, using the county payment remittance process, send a remittance request to the Auditor's Office. Upon approval create a miscellaneous receipt and remit the interest due from the appropriate county fund to the Treasurer's Current Expense—BARS 361-10(this will be a zero receipt). zerzusc-csrr using the Payment Remittanee pfeeess. b) For county departments, create invoice for interest using J/Registered Warrants/ Registered Warrant Interest Invoice. Then create the Payment Remittance form in J/Registered Warrants/Payment Remittance and follow procedure as noted on the payment remittance form. May need to have 48 hour advance notice waived. 11. Mature the investment: .l . .,t written t us This will have a stale date of up to ✓v days.30 (it okay with the St L tha4 we up held fegistefed• nts; It f that length f \ ...,.......b..,........ ....sa.au.w ...vui .uui� ivi uiu� avii��ii viz[ir[tij a. Wfite Enter on the front of the cash sheet for the matured investment. b. Enter on the back of the cash sheet as a deposit. c. Enter in the checkbook d. Mature the investment in the QuickBooks Chart of Accounts, MUNIS and the Registered Warrant Ledger(J Drive—Investment Folder). 12. If the registered warrant is redeemed early enter"matured and the date"under the original entry following the process as listed above. 13. If a new registered warrant investment is done enter that under the new projected maturity date. If the district or county department wishes to stay on registered warrants they will need to go through this whole process again. There is no rollover of this type of investment unless approved by the Treasurer. Call and reissue at a higher amount. Approved this day of 12022. Elisabeth Frazier,Treasurer, Chair Paddy McGuire, Auditor, Secretary Kevin Shutty, Commissioner LETTER OF UNDERSTANDING FOR THE ISSUANCE OF REGISTERED WARRANTS PROMISSORY NOTE RW# The (the department/district)and the Mason County Treasurer hereby agree to the terms and conditions of the transaction as set forth in this promissory note and agreement to wit: WHEREAS,RCW 36.26.010 sets out the duties of the county treasurer with regards to the issuance of warrants by departments and districts for which there are not sufficient funds for payment. WHEREAS,the Mason County Investment Policy makes provisions for investing in registered warrants.This investment type is secured by a promissory note issued by the department or district and will be held by the Mason County Treasurer in the same fashion as an"INTEREST BEARING WARRANT(S)"as set out in RCW 36.26.010. THEREFORE,the Mason County Treasurer's Office will extend funds to cover the issuance of warrants for which the herein listed department or district does not have sufficient funds for payment in an amount and in accordance with the terms and conditions as follows: Registered Warrant Principle $ Interest Rate (State Pool+2%) Issue Date Redemption Date (Not be more than 30 days from date of issuance) Term(#of days) 30 Interest Calculation:Bank Method 365/360 Basis The District acknowledges and agrees to conform to the requirement under Washington State law(RCW 36.29.060) that all warrants are called for payment in the order of issuance. Accordingly,no warrant issued by the district subsequent to the herein described registered warrant shall be called or presented for payment until such t-i-m-amr,the va-1-1 has- been made for the payment of the heFein deseribed registered waFrant. The undersigned hereby acknowledge they have read the contents of this agreement and understand the conditions therein imposed and that each will abide by the terms as set forth in this agreement and provide for payment as outlined in this promissory note. Dated this day of 20_ Board Chair or Authorized Representative Approved: Mason County Treasurer By: Deputy Treasurer REDEEMED Date/Staff Initials RESOLUTION# COUNTY HELD REGISTERED WARRANT POLICY&PROCEDURES AMENDING RESOLUTION#100-16 WHEREAS,Mason County recognizes that it is fiscally responsible to define policy and procedures for the use and approval of Registered Warrants as an approved Investment option as delineated in the Approved Mason County Investment Policy and, WHEREAS,the Mason County Finance Committee has reviewed,updated and approved the policy and procedures for county held registered warrants as shown in Exhibit"A"on(DATE) NOW THEREFORE,BE IT RESOLVED that the Board of County Commissioners upon the recommendation of the Mason County Finance Committee hereby approve the updated"County Held Registered Warrants Policy and Procedures"as set out in Exhibit"A". Approved this day of March,2022. Mason County Board of Commissioners Kevin Shutty,Chair Randy Neatherlin,Commissioner Sharon Trask,Commissioner Attest: Mckenzie Smith,Clerk of the Board Approved as to form: Tim Whitehead,Chief Deputy Prosecuting Attorney � Coffice of the Treasurer Q/ S o� \ o/1, -- <\1 411 N. 5th, Bldg. w I E P.O. Box 429 \g �� cesurn Shelton, Washington 98584-0429 � 5 (360) 427-9670, ext. 475 - Fax (360) 427-7267 Belfair (360) 275-4467 - Elma (360) 482-5269 \57- Elisabeth (Lisa) Frazier, Treasurer TO: Public Disclosure Commission 711 Capitol Way,Room 206 PO Box 40908 Olympia WA 98504-0908 FROM: Finance Committee County of Mason C/O Mason County Treasurer 411 N 5°i St, Bldg 1 PO Box 429 Shelton,WA 98584 Email Address:emfanco.mason.wa.us STATEMENT I certify under penalty of perjury under the laws of the State of Washington that during the period of January 1,2021 through December 31,2021,no public funds under my control were invested in any financial institution in which I held an office,directorship,partnership interest,or ownership interest. Mason County Treasurer Date: Signature of Finance Committee Member(Counties) Signature of Finance Committee Member(Counties) Signature of Finance Committee Member(Counties) I certify that during the period of January 1,2019 through December 31,2019,public funds for which I am responsible were held in the listed financial institution(s)in which I held an office,directorship, partnership interest,or ownership interest. Name and Address of Financial Institution(s): Aggregate sum of time and demand deposits on December 31,2019: Highest halance between January1,2019 through December 31,2019: Mason County Treasurer Date: Signature of Finance Committee Member(Counties) Signature of Finance Committee Member(Counties) Signature of Finance Committee Member(Counties)