Oxnard—The City Council, Tuesday, September 16, reviewed its Delegation of Investment Authority.
Chief Financial Officer Javier Chagoyen-Lazaro presented the item and said, “The Council retains the ultimate responsibility for overseeing the investment program and ensuring compliance with the Investment Policy.”
“The City Investment Policy allows for the engagement of external investment managers and authorizes investments in Local Government Investment Pools that meet certain conditions,” he said.
The Staff seeks direction to explore two options, and he said they want to expand the investment tool instruments and engage the services of one or more external asset managers.”
Chagoyen-Lazaro said the City has received two credit rating upgrades from Standard & Poor’s within a week and a half of each other.
“The first one was for the Water Fund; it went from an A to an A+ and gave a stable outlook,” he said. “We also got an upgrade for the Wastewater Fund, which also went from a credit rating of A to A+ with a stable outlook.”
He said the credit rating upgrade recognizes the City’s financial planning and creates the proper sources for the fund.
“The credit rating upgrade also helps refunding the bonds,” he said.
Chagoyen-Lazaro said they came…
