The role of an oversight committee is to provide feedback and guidance reflecting the perspectives of the investment pool participants and the public. A Treasury Oversight Committee (TOC) was initially established by Resolution 96-43; however, the mandate for that Committee was suspended in 2004 by the State of California. Government Code 27130, which established parameters for a TOC, required an annual audit of the committee's compliance with the Brown Act and the investment policy's compliance with pertinent Government Code. The audits conducted over the past 10+ years have revealed no exceptions to policy, but carried an annual cost of $6500+/−.
On November 10, 2015, the Board of Supervisors dissolved the Treasury Oversight Committee, rescinded Resolution 96-43 and established the Investment Pool Oversight Committee by Resolution Number 15-163. The new Committee is not subject to Government Code 27130 et seq., is authorized to create its own by-laws, and is subject to the Brown Act. The committee meets at least twice annually to review the investment policy, identify concerns, and review investment performance.