Council Creates Post of Investment Officer

Having failed in a bid to make the city treasurer position appointed, rather than elected, officials have voted to create an investment officer position.

Arguing that municipal funds were lost in the 1994 Orange County bankruptcy partly because of procedures in the city treasurer’s office, council members had put a measure on the March 26 ballot to make the post appointed, but it was defeated by voters.

City finance officials then suggested appointing an investment officer, and council members agreed. The new officer will monitor and manage the city’s investments, track cash flow and recommend how to invest surplus funds.

“The whole reason we wanted the measure to pass was so we could have qualified people around,” Councilman Dan Slater said.

The person who fills the part-time position will report to the finance director and will be paid $22 to $28 an hour, depending on qualifications. The position requires the equivalent of a bachelor’s degree and finance experience, officials said.

The City Council also voted to require its Investment Oversight Committee to file reports quarterly, rather than annually. The committee is an oversight group made up of the city manager, treasurer and council members.