Oxnard council approves joining CAMP after contentious debate over who decides where surplus cash goes
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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 said the city will continue to manage daily cash‑flow needs and that staff will recommend allocations based on liquidity and market conditions. "At that point, yes, we'll the staff will be making that assessment," he said during the discussion.
Councilmember Aaron Starr pressed for explicit council control over the decision to move money into or out of pooled investments, arguing that directing staff to allocate funds was tantamount to delegating investment authority. Other council members and the city attorney’s office countered that the council retains investment authority but can authorize staff by resolution to allocate surplus into agreed vehicles — a structure the council already uses for LAIF.
Public commenters urged care and checks and balances; some speakers referenced past regional fiscal failures as a reason to keep close oversight. After roughly two hours of debate and public comment, council approved the resolution to authorize CAMP participation on a 5–1 vote; Starr voted no. The resolution directs staff to establish CAMP accounts and use them for surplus cash when appropriate, subject to the city’s investment policy and regular reporting.
The finance team said staff will report back as allocations are made and will continue presenting options to the council during budget and treasury updates.
