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Oxnard staff recommends council adopt 2025–26 investment policy and retain investment authority
Summary
City staff presented the City of Oxnardannual investment policy for fiscal year 202526 2026 and recommended the City Council adopt the policy and keep investment authority rather than delegating it; staff outlined alternatives including delegating to the chief financial officer, an independent financial professional or the city treasurer.
Eric Sonstegard, assistant city manager for the City of Oxnard, told the City Council on July 1 that staff recommends the council "adopt a resolution approving the fiscal year 2025, 2026 investment policy for the City of Oxnard" and provide direction on delegation of investment authority.
The recommendation follows annual review requirements in state law and the city's investment policy. "California Government Code section 53646," Sonstegard said, "as well as the City's adopted investment policy call for an annual review and adoption of the investment policy by the City Council." He also cited California Government Code section 53607 regarding delegation of investment authority.
Staff described the proposed policy changes as limited to minor typographical edits, an updated list of authorized brokers and dealers, and a recommendation that the City Council retain investment authority. "Changes in the proposed investment policy this year include minor typographical changes, an updated list of authorized brokers and dealers, as well as having the city council retain their investment authority," Sonstegard said.
The staff report identified three alternative delegation options the council may consider: delegating investment authority to the chief financial officer (CFO), to an independent financial professional, or to the city treasurer. Sonstegard said the council previously delegated investment authority to the CFO for fiscal year 202425 to address compliance with state law and the city's policy.
No formal council action or vote is recorded in the provided transcript excerpt. The presentation was a staff recommendation; any final decision on adoption of the resolution or delegation of authority would be captured in the council minutes or a subsequent transcript of the meeting.
