Oxnard-- The Finance & Governance Committee, Tuesday, June 14, approved the city’s 2022-2023 fiscal year Investment Policy.
THE policy identifies the investment objectives, preferences, and tolerances for risk constraints on the investment portfolio and how it will be managed and monitored.
City Treasurer Phil Molina presented the item to the committee and said the policy includes guidelines on selecting investment types, investment advisors, the interest rate, risk maturities, credit qualities, and collateralization requirements.
“Consistent with best practice, I included guidelines to enhance the separation of duties and reduce the risk of fraud,” he said. “This means no other city official is authorized to make the final decision about what instrument to invest in and accept an elected official. I established a process for creating a list of financial institutions, depositories, and broker-dealers that will provide the primary services necessary for executing the investment program.”
Molina said the current authorized investors include Multi-Bank Securities, Piper Jaffray, Stifel, Nicolaus & Company, Union Bank, Wells Fargo Bank, and Alamo Capital.
“This investment policy was first written by me for the year 2017,” he said. “We received notification from the CMTA (California Municipal Treasurers’ Association) that they identified that policy as the best…
