2019-11-05 CC Agenda Packet - ITEM #F16 - PRESENTATION - Appointed Treasurer Measure T -FinalAPPOINTED TREASURER INITIATIVE
Crista Binder, Treasurer
City of EI Segundo
November 5, 2019
Proposed Ballot Initiative
Convert Elected Treasurer to Appointed
State Law Requires a Treasurer —Appointed or Elected
Election Must Include
Ballot Measure
Opening for Elected Treasurer
If ballot measure passes position would convert upon resignation of
elected Treasurer or conclusion of 4 -year term
Survey of Local Governments
The California Society of Municipal Finance Officers Survey of 34 Local
Governments
• 32% - 11 agencies have elected treasurers
• 68% - 23 agencies have appointed treasurers
• 1 - full-time
• 22 - function combined with Finance or Administration
Survey of Local Governments
Sample of Cities with an Appointed Treasurer
Aliso Viejo
La Quinta
Palo Alto
Elk Grove
Truckee Donner Public
Utility
Stanton
Salinas
Mill Valley
San Juan Water District
Newport Beach
San Juan Capistrano
Arroyo Grande
La Palma
Burlingame
Pasadena Orinda
La Canada Flintridge
Merced
Simi Valley
Eastvale
Mission Viejo
Carpinteria
Cupertino
Why Change to Appointed
• Elected Treasurer position established by ordinance in 1918
• Required to be a resident
• At least 18 years of age
• Does not require any treasury experience or knowledge
• Does not require any minimum level of education
• Serves 4 -year term
• Operational Efficiency
• Eliminate redundancy between two financial functions and departments
• Provide full-time department -head level support for treasury
• Saves up to $39,000 a year in monthly stipend and benefits not including election
costs
• Improve City Organization
• Place function with staff required to have treasury skills and knowledge
• Provide broader resources to support critical function
• Financial Transparency
• Mandated Reporting
• Adherence to State Code and Investment policy
• Internal controls
• External oversight