San Diego Investment Pool Temporary Transfer Fund Program

About the Program

Category: Financial Management (Best in Category)

Year: 2013

The San Diego County Treasurer’s office provided financial relief to eligible school districts and other entities for operational needs by clarifying the process around California Constitution Article 16, Section 6, Education Code Section 42620, and Government Code Section 25209. These Codes refer to Temporary Transfer of Funds (TTF) from the Treasurer’s Investment Pool to eligible school districts and other entities, therefore allowing eligible school districts and other entities to borrow 85% of its anticipated revenues from the Investment Pool. The Treasury’s staff took a proactive approach collaborating with the County Auditor and Controller, the County Department of Education, and the County Counsel to institute a TTF application process. Treasury staff accomplished the following: • Obtained a legal interpretation of the Codes from County Counsel• Indentified anticipated revenues to include property tax and specific revenues from the state.• Set the interest rates on the TTF so that the Pool Participants are fairly compensated• Draft, review, and finalize the application forms Institute the process for application, review, and the record keeping•Introduced the TTF Program to eligible school districts and entities