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Date: November 4, 2025
To: Honorable Mayor and Members of the City Council
From: Tim Goodrich, City Treasurer | [email protected] Subject: City Manager and City Treasurer – Adopt RESOLUTION Modifying the Wages, Hours, and Working Conditions for City Treasurer. Expenditure: $38,211 Savings Annually (General Fund).
RECOMMENDATION
Recommendation of the City Manager and City Treasurer that the City Council:
1. Adopt a RESOLUTION amending Resolution No. 2018-110 modifying the wages, hours, and working conditions for the City Treasurer; and
2. Approve modifying the City Treasurer monthly pay point to the amount of $2,860, effective on the new term date of July 14, 2026.
FUNDING
None required.
DISCUSSION
On November 27, 2018, via Resolution 2018-110, the City Council set the salary for the City Treasurer at a pay point of $5,424 monthly. “The salary for the City Treasurer is for performance of the duties of the office as set forth in Article VI of the City Charter. Additional duties assigned to the City Treasurer are: investment of City funds, bond maintenance, deferred compensation and other administrative duties. The City Treasurer may be assigned by the City Council the administration of other City programs.”
Since the election in June 2022, the City Treasurer’s office has engaged in the process of rebuilding, and the office has undergone an intensive effort to analyze all systems and operations in place. The goal of this has been to restructure the office, maximizing investment returns and efficiency of operations, while safeguarding public funds.
Many improvements have been made, including the revision of the Investment Policy and vetting and adding previously unexplored funds such as CAMP and CalTRUST to the City’s investment portfolio, which have resulted in increased yields on the City’s investments.
On September 30, 2025, the City Treasurer’s office completed a multi-month operational audit which examined:
1. Treasury process mapping
2. Collaboration between Treasury and Finance Departments
3. Internal controls review
1 City Council
November 4, 2025
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2 4. Technology assessment
5. Risk assessment
6. Capability maturity assessment
While the findings of the audit were generally good and there were no critical findings demanding immediate attention, there were several recommendations made. The audit presented a timeline of six to twelve months to implement these recommendations and will require time and attention above and beyond that of the normal responsibilities of the Department.
The City Treasurer’s Office will proceed with the audit recommendations and aim to implement them in the prescribed six to twelve month timeframe. Once completed, the Department’s rebuilding and restructuring (as outlined in a previous plan presented by the City Treasurer), will be finished and operations will be stabilized. It is therefore the recommendation of the Treasurer that the salary for the Treasurer be reduced from $5,424 per month to the same salary as the Mayor and City Council at $2,860 per month , effective July 14, 2026.
ATTACHMENT
1. Resolution
2 RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TORRANCE AMENDING RESOLUTION NO. 2018-110 SETTING FORTH CHANGES
REGARDING THE HOURS, WAGES, AND WORKING CONDITIONS FOR
CITY TREASURER EFFECTIVE JULY 14, 2026.
AMENDMENT #2
The City Council of the City of Torrance does hereby resolve as follows:
SECTION 1
That Section 1.1 entitled "Salary" of Article 1 entitled "City Treasurer" is hereby amended as follows:
"ARTICLE 1 - CITY TREASURER
SECTION 1.1 SALARY
Effective the new term on July 14, 2026, the City Council set the pay point for City Treasurer as follows:
Job Classification Pay Point Pay Basis
City Treasurer $2,860 Monthly
The salary for the City Treasurer is for performance of the duties of the office as set forth in Article VI of the City Charter. Additional duties assigned to the City Treasurer are: investment of City funds, bond maintenance, deferred compensation and other administrative duties. The City Treasurer may be assigned by the City Council the administration of other City programs."
SECTION II SEVERABILITY
If any section, subsection, sentence, clause, or phrase of this resolution is for any reason held to be invalid or unconstitutional by the decision of any court of competent jurisdiction, such decision shall not affect the validity of the remaining portions of the resolution. The City Council hereby declares that it would have passed this resolution and each section, subsection, sentence, clause, or phrase thereof, irrespective of the fact that any one or more sections, subsections, sentences, clauses, or phrases be declared invalid or unconstitutional.
INTRODUCED, APPROVED AND ADOPTED this 4th day of November 2025.
George K. Chen
Mayor of the City of Torrance
APPROVED AS TO FORM:
PATRICK Q. SULLIVAN, City Attorney ATTEST:
Tatia Y. Strader, Assistant City Attorney Rebecca Poirier City Clerk
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