Letter: MWSD not affected by county financial fiasco

"Millions lost in financial fiasco" in San Mateo County, according to an article in the Bay Area section of the San Francisco Chronicle (Sunday, October 19, 2008). The on-line headline is "Lehman Bros. bust hit San Mateo County hard" http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/10/19/BA1C13K00D.DTL

 

"San Mateo County has been stung by   the recent Wall Street investment   crisis, absorbing about $150 million   in potential losses that could result   in public school budget cuts, delays   on road and Caltrain improvements, and   scaled-down city services."

I would like to assure all ratepayers and taxpayers served by Montara Water and Sanitary District (MWSD) that MWSD had absolutely no funds on deposit with San Mateo County, and suffers no financial losses as a result of the County’s investment strategies.

MWSD invests funds not needed for current operations in the Local Agency Investment Fund (LAIF) managed by State Treasurer Bill Lockyer. The State Treasurer’s http://www.treasurer.ca.gov/pmia-laif/ provides more information on LAIF investments.

Paul Perkovic
MWSD Board President