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Oxnard CFO asks City Council to delegate investment authority, consider outside asset managers
Summary
City of Oxnard Chief Financial Officer Javier Chagoyen Lazaro asked the City Council to give staff direction on delegating council investment authority and to consider expanding allowable investment pools and hiring external asset managers under the city's investment policy.
Javier Chagoyen Lazaro, chief financial officer for the City of Oxnard, told the City Council that staff seeks direction on delegating the council's investment authority and on expanding the city's investment options.
Chagoyen Lazaro said the city’s fiscal year 2025-26 investment policy, adopted July 2, 2025, states that the City Council “retains the ultimate responsibility for overseeing the investment program and ensuring compliance with this investment policy,” while allowing both engagement of external investment managers and investment in local government investment pools under specified conditions. He told the council staff is seeking direction on two options supported by that policy: expanding the investment pool instruments available to the city and engaging one or more external asset managers.
The recommendation was presented as a request for direction rather than a formal motion or vote. The transcript records only the presentation and a concluding request that the council provide direction to staff; no council action, motion, or vote on the recommendation appears in the transcript.
The presentation cited two specific provisions of the investment policy: section 5, which permits engagement of external investment managers, and section 2(j), which authorizes investment in local government investment pools that meet specified conditions. Chagoyen Lazaro described those policy provisions while summarizing the two staff options but did not provide further details in the transcript about which additional instruments would be sought or the criteria staff would use to select an external manager.
Because the item was framed as a request for council direction, the next step on the record is for the City Council to indicate whether it will direct staff to pursue either or both options or to take another course. The transcript does not record any council discussion, a timeline for action, or staff instructions resulting from the presentation.
