Oxnard—The City Council, Tuesday, July 7, approved its City Investment Policy Resolution for fiscal year 2026-2027.
THE Council chose to direct Staff to contract with a specially trained firm to invest City funds, in strict accordance with the fiscal year 2026-27 investment policy.
Assistant City Manager Eric Sonstegard presented the item and said that Staff had asked the City Council to delegate investment authority.
The California Code provides that a City’s adopted investment policy will be renewed annually and adopted by the City Council.
“The California Government Code also establishes in Section 53607 that the City Council may delegate its authority to invest City funds for a one-year period to the City Treasurer,” he said. “California Government Code Section 37103 also allows the Legislative Body or the City
Council to contract with specially trained and experienced persons or firms for advice and assistance with financial, legal, or administrative matters, and this could be in the form of an investment advisor.”
Neighboring Cities, such as Simi Valley, Thousand Oaks, Camarillo, Ventura, Port Hueneme, and Santa Barbara, delegate their investment duties to Senior Finance Department Staff, and he said those Cities do not have an elected City Treasurer.
“Historically, the City Council delegated its investment authority to the City…
