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La Mesa treasurer reports record investment earnings and urges council to consider appointing the office
Summary
City Treasurer Matt Trebone told the council La Mesa—s investment portfolio set records in 2025 and proposed studying whether the treasurer should be appointed rather than elected, citing potential tension with finance staff. Council members thanked him but said the matter needs study outside this meeting.
City Treasurer Matt Trebone reported the quarter ending Dec. 31, 2025, and said the city earned near-record investment returns last year while holding substantial liquid assets, then raised a governance question: he suggested the council consider appointing, rather than electing, the city treasurer.
Trebone told the council the city—s portfolio saw limited activity in the past quarter, including two called agency investments that returned about $2,000,000 to the city. He presented a pro forma annualized estimate that projected roughly $2,400,000 in earnings if the quarter—s results were annualized and said the city earned nearly $2,900,000 in 2025 overall. He said about $20,000,000 in maturing assets would be redeployed to the city—s flexible account in the coming months.
"I am not so sure this city needs an elected treasurer," Trebone said. "It might be wise to not elect this office anymore and remove some of that tension." He described an institutional friction point between an elected treasurer—s prerogatives and the director of finance—s responsibilities and said that, for a city La Mesa—s size, a professional appointment or a contracted specialist might reduce conflict while preserving safeguards.
Council members thanked Trebone for the report and his stewardship. Council member Dillard said she had "come to admire your performance and trust it," and asked for more study of the idea so the council could fully understand implications for checks and balances. Council member Lothian said she worried about losing an electoral check, calling it an important safeguard.
Trebone stressed he was not accusing staff of wrongdoing and said his recommendation was an observation about structural incentives rather than a charge against any individual.
The council did not take any action on Trebone—s suggestion at the meeting; members said the topic was not on the posted agenda and should be discussed in a properly noticed setting if pursued further.
