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Changes made to city treasurer position

OCEANSIDE — The City Council introduced a few changes to the position of city treasurer on Wednesday, as the city proceeds with appointing an applicant to the vacant seat.

Changes clarify that Treasurer’s Office employees will be supervised by the financial services director.

They also set new rules for the appointment of Investment Oversight Committee members.

Going forward the city treasurer will nominate committee members, who must be approved by a council vote. Committee members serve until they are replaced.

Prior rules allowed the city treasurer to make committee appointments outright.

Council members unanimously supported the introduced changes.

“It makes the treasury department a bit more transparent,” Councilman Jerry Kern said.

The city manages an operational portfolio that currently ranges form $250 million to $350 million. It is comprised of U.S. Treasury and Agency obligations and selected money market instruments.

The city treasurer oversees the investment of the city’s available public funds, the selection of the city’s depository bank, and the overall management of the Treasurer’s Office.

In general, the Treasurer’s Office performs the daily cash management of city funds.

In November deceased city treasurer Gary Ernst won the election over his opponent Nadine Scott. His win resulted in a vacant seat.

Council voted to fill the position through an appointment, rather than hold a special election.

Applications for the city treasurer position will be accepted through Jan. 6.

Council will hold public interviews of candidates Jan. 11, and make an appointment by Jan. 18. The appointed treasurer will serve two years.

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