Oxnard—The article about Treasurer Phil Molina removing its investment policy continues with Molina saying that he's a Certified Public Accountant in California and Illinois.
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 policies.
"I have a master's degree in business administration, and I have invested the City's funds before," he said. "I've not lost a single dollar in the investments, and I only work with registered brokers."
He said registered brokers are listed with the Securities and Exchange Commission and can't charge administrative or service fees because they get paid by the US Government to sell the bonds.
"When you look at the interest rate I'm proposing every day, those would be the actual interest without any deduction for cost," he said. "If you go to any of your investment advisors, Bert (Perello), and ask them if they'd give you that rate, I'll guarantee you they won't."
During public comments, Manuel Herrera said he was calling a second time to tell everyone the truth and nothing but the truth.
"Treasurer Phil Molina is the only one to blame for being in the position he is today," Herrera said.…
