Oxnard City Council Approves Investment Policy for 2026-2027
On July 7, the Oxnard City Council approved its City Investment Policy Resolution for the fiscal year 2026-2027. The Council decided to authorize staff to contract with a specialized firm to manage City funds in accordance with this new investment policy.
Delegation of Authority
Assistant City Manager Eric Sonstegard highlighted that the Council was asked to delegate investment authority. According to the California Government Code, the City’s investment policy must be renewed annually and approved by the City Council.
Sonstegard referenced Section 53607, which permits the Council to delegate its investment authority for a year to the City Treasurer. Furthermore, California Government Code Section 37103 enables the City Council to contract with professionals for financial, legal, or administrative advice, potentially in the form of an investment advisor.
Comparative Practices
Neighboring cities such as Simi Valley, Thousand Oaks, Camarillo, Ventura, Port Hueneme, and Santa Barbara delegate their investment responsibilities to senior staff in their finance departments rather than having an elected City Treasurer.
Historically, the Oxnard City Council has followed this delegation practice, ensuring expert management of city investments.
