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Oxnard council approves joining CAMP after contentious debate over who decides where surplus cash goes
Summary
To avoid hitting LAIF’s $75 million per‑agency cap, the council voted 5–1 to authorize staff to open accounts with the California Asset Management Program (CAMP). The meeting featured an extended debate about whether council or staff should retain discretion to move cash among short‑term pools.
The Oxnard City Council voted Nov. 3 to authorize the city to open accounts with the California Asset Management Program (CAMP), giving staff an additional short‑term investment vehicle for surplus funds once the Local Agency Investment Fund (LAIF) cap is reached.
Chief Financial Officer Javier Chargo Yellatro told council that CAMP and LAIF are both short‑term, liquid options with different characteristics and average maturities. He…
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