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Oxnard committee approves delegation of investment authority to CFO over treasurer amid legal dispute, 2-1
Summary
The Finance and Governance Committee voted 2-1 to recommend that City Council adopt a fiscal year 2025–26 investment policy and delegate investment authority to the City Chief Financial Officer (CFO). Committee debate focused on whether state law requires the city treasurer to retain that authority and on prior noncompliance findings by auditors.
The Oxnard City Finance and Governance Committee on May 27 recommended that the City Council adopt a fiscal year 2025–26 investment policy and delegate the city’s investment authority to the City Chief Financial Officer, Javier Chagoyen Lacero, by a 2–1 vote.
The committee approved the recommendation after debate about the legal basis for delegating investment powers away from the elected city treasurer. Committee Member Starr voted no; Committee Member Rodriguez and Chair McArthur voted in favor. The committee’s recommendation will go to full council for final action.
The dispute centered on interpretation of provisions of the California Government Code governing local agency investments. Committee Member Starr questioned whether the code’s language requires that investment authority be delegated to a city treasurer, citing what he described as specific statutory text and saying a different reading…
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