TO:Andrew P. Powers, City Manager
FROM:Jaime Boscarino, Finance Director
DATE:January 13, 2026
SUBJECT: Annual Appointment of City Treasurer and Adoption of Investment Policy
RECOMMENDATION:
1. Adopt resolution reconfirming Jaime Boscarino as City Treasurer until January 31, 2027, and approving City’s Investment Policy.
2. Find that this action is not a project as defined under the California Environmental Quality Act.
LEVINE ACT ITEM: No
FINANCIAL IMPACT:
No Additional Funding Requested. Minimal staff time to complete staff report, resolution, and Investment Policy is included in the Adopted FY 2025-26 General Fund Budget.
BACKGROUND:
California Government Code (Code) Section 53607 states that City Council may annually delegate the authority to invest and reinvest City funds to the City Treasurer. City Council last made this delegation to Jaime Boscarino on January 14, 2025.
The City Treasurer’s investment activities are guided by the City’s Investment Policy (Policy). The City first adopted a policy in 1986. The primary investment objectives, in priority order, are safety, liquidity, and yield. The City invests public funds in a manner that will provide the highest investment return, with the maximum security, while meeting the daily cash flow demands of the City.
Annual Appointment of City Treasurer and Adoption of Investment Policy January 13, 2026
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0 In addition to reviewing the Policy annually, the City periodically submits the Policy to professional organizations for certification. The Policy was last certified in 2021 by the California Municipal Treasurers Association (CMTA).
Section 53646(a)(2) of the Code recommends that the Policy be submitted to City Council at a public meeting on an annual basis. This section also requires that City Council approve any change(s) in the Policy. The current Policy was adopted by City Council on January 14, 2025.
DISCUSSION/ANALYSIS:
The City does not have an elected Treasurer as is common in a general law city.
City Council has historically appointed the Finance Director as the Treasurer. The Finance Director performs the duties and responsibilities of the Treasurer, including the investment of City funds and oversight of banking services.
Staff has undertaken a thorough internal review of the current Policy. The review included a comparison of the Policy to State law, as well as to recommended model investment policies drafted by the Association of Public Treasurers and CMTA.
State law in effect through December 31, 2025, allowed for a maximum commercial paper term of up to 297 days. In addition, local agencies with a portfolio of $100 million or more were permitted to invest up to 40 percent of their portfolios in eligible commercial paper until January 1, 2026, after which the maximum decreased to 25 percent. Local agencies were also permitted to purchase zero-interest accrual investments issued by or backed by the United States government during periods of negative market interest rates until January 1, 2026, after which time this exception was to be rescinded.
Senate Bill 595 (SB 595) was signed into law on October 1, 2025, with changes to State law effective January 1, 2026. SB 595 allows local agencies to invest in commercial paper with a maturity of up to 397 days, aligning State regulations with Securities and Exchange Commission definitions for money market requirements.
SB 595 also extends the sunset provision related to the permitted percentage in commercial paper and the permission of zero-interest government securities from January 1, 2026, to January 1, 2031.
The Policy has been amended to reflect these changes in State law. The maximum maturity for commercial paper has been increased to 397 days and the sunset date for purchasing government securities or government backed securities has been updated from 2026 to 2031. The Policy currently has a commercial paper limit of 25 percent and there is no proposed change to increase the limit in accordance with the sunset provision extension.
Annual Appointment of City Treasurer and Adoption of Investment Policy January 13, 2026
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0 One additional substantive Policy change is also being recommended. Previously, the Policy separated money market funds and mutual funds into two separate investment types. Government Code Section 53601(l) allows for these options with a 20 percent limit between the two. In the Policy’s current format with a 15 percent limit for each, it would be possible to exceed the combined 20 percent limit set by law.
Therefore, the Policy has been amended to bundle money market funds and mutual funds as one investment type with a 20 percent limit as authorized by Section 53601(l). Both money market funds and mutual funds must either have the highest rating from not less than two nationally recognized statistical rating organizations or retain an investment advisor with five years’ experience managing similar funds. In addition, mutual funds are limited to a 10 percent single issuer limit, while money market funds have no single issuer limit, and mutual funds must ONLY invest in securities that comply with the investments authorized Section 53601.
The Investment Review Committee (Committee) is tasked with reviewing the Policy and recommending additional changes unrelated to statutory mandates.
The Committee reviewed and discussed the Policy at its August 7, 2025, and November 6, 2025, meetings. The Committee recommended the noted Policy changes (Attachment #1).
Staff recommend City Council adopt the resolution (Attachment #2) reconfirming Jaime Boscarino as City Treasurer and approving the Policy.
COUNCIL GOAL COMPLIANCE:
Meets the following City Council goal:
C. Operate City government in a fiscally and managerially responsible and prudent manner to ensure that the City of Thousand Oaks remains one of California's most desirable places to live, work, visit, recreate, and raise a family.
PREPARED BY: Jennifer Bart, Treasury Assistant
Attachments:
Attachment #1 – Redline Investment Policy
Attachment #2 – Resolution Reconfirming City Treasurer/Adopting Updated Investment Policy
FIN:350-10\jb\H:\COMMON\Council\2026\Administration\011326 Treasurer Inv Policy Staff Report.docx