Oxnard--The City Council received its 2023-2024 second-quarter investment report Tuesday, February 6, and Treasurer Phil Molina said the total cash in the Bank of America accounts was $18.283 million as of December 2023.
"IN the general bank account, we had $15.663 million, and in the Successor Agency bank account, we had $2.444 million,” he said. “The police parking citation account had $176,615.”
He said the city attorney opined that the elected City Treasurer has the authority to invest the amount of money that’s in the Bank of America bank accounts, so all other banks, Wells Fargo, are not participating in the investments by the elected City Treasurer.
After showing there’s enough cash in the banks to cover the operations, loan payments, and payroll disbursements, he said the intent is to invest the remaining cash.
“Our goal is to invest 100 percent of all available cash while keeping sufficient currency to sustain normal operations,” Molina said. “In December, we received a 97 percent target, and 97 percent of all available cash was invested. We looked at the total amount that was invested as of December 29, $437.350 million, and the total amount of cash that was available to invest was…
