In July 2017, by Res. 17-17 (Exhibit A), the Board authorized the Health district to execute an agreement with the Snohomish County Treasurer’s Office to participate in the Snohomish County investment pool, and to amend the District’s investment policies to include investment parameters and accountability standards with regard to investing in the Snohomish County investment pool.
The District previously participated in the Washington State Local Government Investment Pool (LGIP) for many years. The LGIP maintains investments with very short maturities (average weighted maturity of about 60 days) and has performed very well compared to its peers. In 2017, staff recommended that the District continue to invest in the LGIP for amounts needed to fund short-term working capital needs and emergency reserves.
Staff also recommended that the District participate and invest in the Snohomish County Investment Pool (SCIP) for those amounts not needed to fund short-term working capital needs. The SCIP maintains investments with longer maturities (average duration of about 14 months), which has enabled it to generate higher investment earnings than the LGIP over time.
Attached as Exhibit B is the current SCIP terms and conditions.