The Santa Cruz County Board of Supervisors is set to ratify and approve the County Treasurer’s authorized signature on an agreement with Principal Bank for investment custodial solutions, according to a Jan. 2 agenda item.
This action is being taken to ensure compliance with statutory requirements that mandate the proper investment of county funds. The Treasurer’s Office determined that establishing a relationship with a new custodian bank was necessary to meet these obligations and ensure certain funds are invested in qualifying accounts as required by law.
Upon assuming office, Treasurer Alejandro Paz consulted regularly with Sarah Benatar, the Coconino County Treasurer, for guidance on compliance matters. This review led to the decision to proceed with Principal Bank, described as a trusted financial entity providing similar services to other counties under comparable terms. The agreement could not be delayed until the next available agenda due to statutory mandates on timely fund investment.
The agenda item notes that while the Treasurer has independent authority under statute to enter such agreements, it is being brought before the Board of Supervisors “in the interest of public transparency, and to maximize visibility for and oversight by the Board of Supervisors.”
Meanwhile, recent educational data from Santa Cruz County show ongoing challenges in student achievement. In the 2022-23 school year, 74.4% of students in grades 3 through 8 did not pass the mathematics section of the AASA according to the Arizona Department of Education. Similarly, 84% of high schoolers failed the mathematics section of that year’s ACT according to state data. English proficiency rates were also low: 66.4% of students in grades 3 through 8 failed English on the AASA and 72% of high schoolers did not pass English on the ACT as reported by state education officials.
However, there have been some improvements in more recent assessments. For example, during the 2023-24 school year, Santa Cruz County saw an increase in passing rates: 18% of high schoolers passed mathematics on the ACT according to state figures, while 23.6% of students in grades three through eight passed mathematics on the AASA as reported by education authorities.
The ratification process underscores efforts by county officials both to comply with legal requirements regarding public funds and maintain transparency in financial decisions.
