Official Calls College Investments Safe

The $10 million or more that the Ventura County Community College District invests in the county portfolio may not earn as much as rival funds, but there is no threat that millions will be lost in high-risk investments, County Treasurer-Tax Collector Harold Pittman told trustees this week.

In the wake of the Orange County bankruptcy declaration last month, Pittman has been making the rounds to various school districts and agencies, assuring officials that their money is safe.

“Many of my policies are more restrictive than the government code (allows),” Pittman told the college district governing board. “I don’t borrow money to do additional investing.”

Pittman manages a countywide fund that hovers between $600 million and $650 million at any given time--money invested by Ventura County, school districts and special agencies.

Because of the multibillion-dollar losses suffered in Orange County, Pittman invited college district trustees or administrators to more closely scrutinize the monthly statements he provides to officials.

“People looking over my shoulder does not bother me one bit,” said Pittman, who said he averaged a 5.5% return. “You should be interested. It’s your money.”

Governing board members welcomed the 45-minute presentation, saying they appreciate Pittman’s fiscal conservatism.

“Thank you,” board President Timothy D. Hirschberg said. “We’re very interested.”