Jonathan Owen Jensen

The Board approved a formal response to the 2025-2026 Grand Jury report regarding campaign contributions and public trust. The response includes a point-by-point rebuttal to several findings and recommendations made by the Grand Jury concerning campaign contribution limits, the management of public meetings, and Board policies. The Board declined to implement the recommended changes, citing that current procedures already comply with state law and that existing disclosure requirements provide sufficient transparency.

The committee reviewed and recommended approval for the issuance of the County of Riverside Tax and Revenue Anticipation Notes for the 2026-27 fiscal year. The discussion covered the background of the annual issuance to address cash-flow deficits, the evaluation of prepaying unfunded CalPERS pension liabilities, and the authorization of an aggregate issuance amount. The committee also examined financing details, including estimated costs, underwriter appointments, and sources of repayment for the proposed notes.

The committee reviewed monthly disclosure reports for the Treasurer's Pooled Investment Fund, noting market value balances and changes in portfolio yield following Federal Reserve interest rate adjustments. Investment reports for funds outside the county treasury were also examined, covering the County of Riverside Asset Leasing Corporation, Infrastructure Financing Authority, Land Secured Districts, Pension Obligation Bonds, and the Successor Agency to the Redevelopment Agency. Additionally, the committee reviewed the Treasurer-Tax Collector's Statement of Investment Policy.

The workshop provided a detailed overview of election integrity procedures in Riverside County. Topics included the maintenance of voter registration databases, the process for verifying voter eligibility, managing inactive and cancelled registrations, and the usage of data for address verification through third-party services. Additionally, the presentation covered legal requirements for election administration, the processing of mail-in ballots, and the history and implementation of federal voting standards and equipment certification.

The committee reviewed the second quarter performance report, which included market commentary on equities and fixed income, as well as an analysis of plan assets, fund lineup performance, and reduced administrative fees. Legal, regulatory, and fiduciary updates were provided, including discussions on new executive orders regarding private market investments, DOL guidance on cryptocurrency, SEC rule withdrawals, and potential litigation concerns following a Supreme Court decision. The committee also reviewed a draft fee and expense policy statement, an updated investment policy statement, and draft committee by-laws. Discussions also included strategies for driving plan participation and contribution rates.