Oxnard committee recommends housing authority adopt updated investment policy, delegate authority to housing finance officer

The Oxnard Finance and Governance Committee on June 24, 2025, voted 3-0 to recommend that the Board of Commissioners of the Housing Authority of the City of Oxnard adopt a resolution approving an investment policy and investment portfolio guidelines and delegating investment authority to the housing finance officer for fiscal years 2025 and 2026.

The recommendation would update the authority’s investment standard and delegate day‑to‑day investment authority to the housing finance officer, Rhonda Hodge. Committee members asked staff to clarify whether the policy moves the authority from a "prudent person" to a "prudent investor" standard, and a public speaker expressed concern about consolidating investment authority under the chief financial officer’s office.

Brenda Lopez, interim housing director, said staff reviewed at least seven other housing-authority policies and California statutory language and revised Oxnard’s policy to align with current practice and state law. She told the committee the change is intended to align the Housing Authority’s policy with the terminology used in California statute and HUD guidance while retaining conservative limits and liquidity requirements. "It's a little bit risky if you will, but all of our funds are in [very] liquid accounts," Lopez said, adding the authority does not intend to move away from conservative, liquid investments.

Rhonda Hodge, introduced to the committee as the housing finance officer and a long‑time City employee, briefly summarized her background: "I've been working for the city since 02/2006. I started out as a public housing staff accountant and then I became the management accountant/auditor and I became the chief financial officer." Hodge confirmed she would oversee day‑to‑day investment selection under the proposed delegation and told members she is comfortable with the proposed policy as written.

A member of the public identified as Jim expressed concern about the transfer of duties from an elected official and about consolidation of investment and recordkeeping under the CFO’s office. He said he preferred an independent city treasurer in the long term but called the change acceptable as a temporary measure.

Committee members praised staff for providing a redlined draft showing changes and moved the recommendation to the board. The motion passed unanimously.

The action before the committee was a recommendation to the Housing Authority board; the committee did not itself adopt a final resolution for the Housing Authority.