Oxnard Treasurer Navas announces September resignation- What’s next?

By George Miller

Oxnard Treasurer Danielle Navas, 73, announced her retirement this week, effective September 10. She is attempting to influence the interim appointment of her chosen successor. The position is now wide open for the November 8 election. So far, Larry Stein has announced that he is running for the position and is holding his campaign kickoff next week on August 10. Phil Molina turned in nhis siganture today. A Mr. Johnson announced his intention sat a recent city council meeting.

There has been some controversy on what the Treasurer’s duties are and whether these are being accomplished. For instance, at City Council meetings and Fiscal Policy task Force meetings, it was stated that the bank accounts should be reconciled by the Treasurer. It was also stated that at one point that hadn’t occurred in 14  months. That was finally accomplished by finance personnel and supporting consultants. At City Council meetings, Ms. Navas has only discussed her work in city investment management, where many millions of dollars are kept in investment grade asset classes, per state guidelines. Former Oxnard Finance Director Phil Molina has asked if private corporate bonds held are legal under state rules and has yet to receive a response. A third party investment management firm is engaged for investment recommendations and transactions. People have complained about minimal returns, but current interest rates and very conservative allowable investments keep that real low.

According to the City Treasurer’s web page: The City Treasurer’s Office receives and keeps safe all funds received by the City. It is the mission of the City Treasurer’s Office to efficiently manage and protect public funds while providing the highest level of customer service.

Based on discussions at City Council meetings, some people have  different ideas of what a Treasurer should be doing than what that says or what is actually being done now.

Different municipalities have differing ideas of what a Treasurer’s duties should be. Take for example, Oceanside, CA’s job description for Treasury Manager. It appears that this is a more expansive view of a Treasurer’s job than what the Oxnard Treasure’s site describes.

The City Council has in the past discussed having a Treasurer-Auditor.

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