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Oxnard committee backs delegating city investment authority to CFO over legal objections
Summary
The Finance & Governance Committee voted 2–1 to recommend that City Council adopt the FY2025–26 investment policy and delegate investment authority to the city chief financial officer, despite a committee member's legal objections and staff citing earlier treasurer noncompliance.
The Oxnard City Finance & Governance Committee on May 27 voted 2–1 to recommend that the City Council adopt the fiscal year 2025–26 investment policy and delegate investment authority to the city's chief financial officer.
The recommendation follows staff reports and external-audit findings that raised compliance concerns about the city treasurer's prior handling of investments. Chief Financial Officer Javier Thiago Yellatero told the committee that auditors flagged use of a personal email address for investment transactions and other reporting omissions: "the city treasurer was doing investments using his personal email rather than using the city email," he said,…
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