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Oxnard council directs staff to pursue investment-pool options for city funds
Summary
At the Sept. 16 meeting the council gave staff direction to research and return with recommendations on investing excess city funds in state-authorized investment pools (such as CalTRUST/CAMP) and related legal steps; staff said pools offer daily liquidity and market rates, and the council asked for comparative proposals.
The Oxnard City Council on Sept. 16 instructed staff to return with a comparison of local investment-pool options that meet state law, directing staff to prepare proposals for council review rather than delegating unrestricted investment authority to staff.
Background and recommendation: Finance staff presented the council with a choice: continue current practices (including LAIF) or pursue authorized local government investment pools (staff identified examples such as the California Asset Management Program and CalTRUST). The city attorney and CFO explained the legal framework that allows cities to remit funds to LAIF and to invest in authorized joint‑powers investment pools (government-code provisions were discussed by staff). Staff said pools can provide daily liquidity and market-based returns while operations remain transparent.
Council direction: The council voted unanimously to ask staff to prepare a comparative analysis and recommendations on investment-pool alternatives, including costs, reporting and legal steps. Council members asked staff to present options that document legal authorization, fees, expected returns, liquidity and how investments would be reported to council.
Why it matters: Investing excess cash in authorized pools could modestly increase yield on idle city funds while preserving liquidity. The council emphasized transparency and asked staff to return with a recommendation including legal analysis and procurement steps before any changes are implemented.
Next steps: Staff will prepare a memo and comparative proposals for council consideration that identify compliant pools, describe fees/returns, and outline any contract or resolution language necessary to authorize use of the pool(s).
