A review of the Solano County treasurer's department by the county grand jury showed it is an "effectively managed organization" with only minor changes needed. One change recommended is the elimination of the department's oversight committee.

A report released Thursday states that the grand jury reviewed the county treasurer and its treasury oversight committee, finding that the committee created in 1997 only met four times in the last two years. It is required to meet quarterly.

The committee apparently failed to attain a quorum at the four meetings and was unable to perform any formal business for at least two years. The committee, according to the report, didn't post agendas, as required by the Brown Act.

Meanwhile, the committee did not conduct an annual audit in either 2009 or 2010, as required by county policy. The last audit performed by the Auditor-Controller's Office was for 2008.

"We asked them to see if the committee was relevant," said Charles Lomeli, treasurer/tax collector/county clerk. "We want to eliminate things that cost money and this was one of those things."

Lomeli explained money was spent on staff to prepare reports for meetings.

"There was a time when we did things manually," he said about when the committee was first created. "We've revamped the process since then and technology has improved."

Other inconsistencies mentioned in the report show that the Solano County Treasurer Investment Policy does not contain all the language required by California Government Code and a Board of Supervisors' resolution.

On a positive note, the committee also found that the treasury's activity is transparent to the public and financial information is posted on its website, including yield reports, financial statements, rating reports and the results of both internal and external audits.

Additionally, the grand jury noted that the auditor-controller conducts quarterly treasury reviews, which are also published online.

Also, the investment rating company Standard and Poor's continuously rates the Solano County Treasury. As a result, according to the grand jury, every month the treasurer provides a complete accounting of the investment pool and all securities held to the rating agency.

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