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Oxnard CFO: $160 million locked into low‑yield five‑year investments from 2021; council asked about missed returns
Summary
Chief Financial Officer Javier Chargo Lastero told council that roughly $160 million of the city's investment portfolio was locked into five‑year maturities in 2021, producing returns below 1%; he said the city typically holds such investments to maturity and recommended shorter tenures if similar low‑rate conditions recur.
Council member Perello questioned the city—s investment portfolio after reviewing a report that showed some investments yielding less than 1% over multi‑year terms.
Javier Chargo Lastero, identified himself as Chief Financial Officer for the City of Oxnard, and explained that market conditions in 2021 led the city to invest roughly $160 million in five‑year instruments that now yield below 1% because rates were low at…
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