Oxnard-- The City Council received its first quarter treasurer’s report during its meeting on Tuesday, November 7.
THE report, presented by Treasurer Phil Molina, identified the amount of money the City has in its bank account, including money at Bank of America and Wells Fargo debt management, which is not under the City Treasurer.
“Within the Bank of America accounts, we have the city general fund bank account, with $12,272,622 million, and we have the successor agency bank account with $4,901,127,” he said. We also have parking citations at $177,607.”
He noted the cash total at Bank of America in the first quarter is $17,351,356 million.
“After assuring there is enough cash in the bank to cover all of our known and estimated disbursements for operations, payroll, and loans, the intent is to invest the remaining cash,” he said. “Our goal is to invest 100 percent of the available cash while keeping sufficient currency to sustain normal operations.”
He said in September, in relation to the amount of available cash, the City had invested 97 percent.
“We can see this by looking at the total amount that was invested, $407.775 million,” he said. “That’s compared to the total amount…
