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File #: 21-6503    Version: 1 Name:
Type: Policy Status: Agenda Ready
File created: 11/16/2021 In control: Commissioners Court
On agenda: 11/30/2021 Final action:
Title: Request for approval of the inclusion of Unity National Bank, a minority-owned bank, as an authorized bank in the County's Investment Policy.
Attachments: 1. 21-6503 Unity Bank.pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Department: Management and Budget

Department Head/Elected Official: Dave Berry, County Administrator

 

Regular or Supplemental RCA: Regular RCA

Type of Request: Policy

 

Project ID (if applicable): N/A

Vendor/Entity Legal Name (if applicable): N/A

MWDBE Participation (if applicable): Unity National Bank is a MWBE bank

 

Request Summary (Agenda Caption):

title

Request for approval of the inclusion of Unity National Bank, a minority-owned bank, as an authorized bank in the County’s Investment Policy.

end

 

Background and Discussion:

The Harris County depository contract currently does not have MWBE participation. At the County Treasurer’s lead, we have worked with Cadence and Unity Bank to form a partnership that will incorporate a minority-owned bank into the county’s banking and investment business.

 

Attached is the Harris County Investment Policy, which includes the following change:

Exhibit “B”: List of Authorized Banks, Broker/Dealers/Money Market Funds, and Investment Pools for investment of County funds

                     Addition of Unity National Bank, a minority-owned depository institution, to the list

The policy has been prepared in accordance with the Public Funds Investment Act.

 

 

Expected Impact:

 

No monetary impact

 

 

 

Alternative Options:

N/A

 

 

 

Alignment with Goal(s):

_ Justice and Safety

X Economic Opportunity

_ Housing

_ Public Health

_ Transportation

_ Flooding

_ Environment

_ Governance and Customer Service

 

Prior Court Action (if any):

Date

Agenda Item #

Action Taken

 

 

 

 

 

Location:

Address (if applicable):

Precinct(s): Choose an item.

 

 

Fiscal and Personnel Summary

Service Name

 

 

FY 21-22

FY 22

Next 3 FYs

Incremental Expenditures (do NOT write values in thousands or millions)

Labor Expenditures

$

$

$

Non-Labor Expenditures

$

$

$

Total Incremental Expenditures

$

$

$

Funding Sources (do NOT write values in thousands or millions)

Existing Budget

Choose an item.

$

$

$

Choose an item.

$

$

$

Choose an item.

$

$

$

Total Current Budget

$

$

$

Additional Budget Requested

Choose an item.

$

$

$

Choose an item.

$

$

$

Choose an item.

$

$

$

Total Additional Budget Requested

$

$

$

Total Funding Sources

$

$

$

Personnel (Fill out section only if requesting new PCNs)

Current Position Count for Service

-

-

-

Additional Positions Requested

-

-

-

Total Personnel

-

-

-

 

 

Anticipated Implementation Date: December 2021

Emergency/Disaster Recovery Note: Not an emergency, disaster, or COVID-19 related item

Contact(s) name, title, department: Amy Perez, Director of Financial Management, Office of Management and Budget

Attachments (if applicable): Harris County Investment Policy