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Oxnard council adopts FY25–26 investment policy, asks staff to study delegation alternatives
Summary
Council unanimously adopted the city’s FY 2025–26 investment policy and retained oversight while directing staff to research options—including a financial professional under the elected treasurer or other delegation models—and return with findings for council review.
The Oxnard City Council adopted a resolution approving the city’s fiscal year 2025–26 investment policy and, after a lengthy discussion, retained the council’s ultimate investment authority while directing staff to research and report back on delegation options.
Council voted 7–0 to adopt the policy as presented. The policy lays out the city’s priorities for surplus cash management—first, security of funds; second, liquidity to meet city obligations; and third, yield within those constraints. The resolution fulfills the annual requirement in state law that local governments present an investment policy to their legislative body.
Discussion focused on who should carry out day‑to‑day investment transactions. Staff described a year of changes after a prior assistant treasurer left and said that since last summer the chief financial officer had been preparing monthly reports and handling transactions under a short‑term delegation. Councilmember Aaron Starr raised concerns about ratifying investment actions after the fact; other members and the CFO said monthly transaction reporting and transparency had improved since monthly reports began.
The council’s final direction: adopt the FY25–26 investment policy tonight, retain the council’s investment authority for now, and ask staff to return with a report on alternative models. Staff listed three options in the staff report: (1) retain authority with monthly reporting (recommended); (2) contract with an employed financial professional to act under the treasurer; and (3) delegate authority to a designated city officer (CFO or treasurer) under Government Code. The council asked staff to research the feasibility, cost and timeline of the second option (a financial professional working under the elected treasurer) and to return with preliminary findings at the next available meeting (staff indicated an intent to report back at the July 29 meeting or the next finance committee meeting).
Authorities cited in the council discussion and staff report included California Government Code sections 53607 and 53630 (investment policy and delegation authority) and related statutes governing local government investments. Councilmembers emphasized the need to protect principal while allowing enough flexibility for short‑term cash management.
What happens next: The adopted policy will guide how the city manages surplus investments in the coming fiscal year. Staff will return with a report on delegation alternatives and proposed administrative language if a delegation path is recommended.
