ANAHEIM : Investment Manager Is Named Treasurer
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Charlene Jung, who has been the city’s investment manager for two years, has been named city treasurer, effective Monday.
Jung, who was West Covina’s treasurer from 1987 to 1990, was appointed by the City Council to replace Mary E. Turner, who is retiring after almost eight years with the city.
Jung, 36, will oversee the city’s $300-million investment portfolio, its business license operation and the handling of its cash receipts.
It will be her responsibility to safely invest the city’s reserves while earning maximum interest, she said.
“If the city’s investments earn more, that means less revenue will be required from other sources, including taxes,” she said. “I don’t think people want the city’s money in a passbook (savings account) earning 2%.”
Jung, who will earn $75,000 annually, said the city invests in such instruments as federal bonds, corporate notes and certificates of deposit.
State law prohibits the city from investing in stocks because of their high risk, she said.
Jung is certified by the state and national treasurers’ associations and holds a bachelor’s degree in psychology from USC.
She said she has done postgraduate work in finance at Cal State Los Angeles, but has not received a master’s degree.
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