Hemet Municipal Code Div. 6 City Treasurer

The office of the city treasurer is hereby established.

(Ord. No. 1974, § 1, 3-9-21; Ord. No. 1075, § 1, 3-23-21)

(a) The city treasurer and city manager may duly appoint as a deputy one or more employees of the city responsible for the investment and management of money. The administrative services director shall be appointed as a deputy.

(b) Employees responsible for the investment or management of money shall be members of the unclassified service. Notwithstanding any provision of this Code or of the Hemet Personnel Rules and Regulations to the contrary, such employees shall be appointed by the city manager. Employees may be assigned to joint service in the office of the city treasurer and the finance department upon terms acceptable to the city treasurer and the city manager. The city manager shall establish employment standards for employees responsible for the investment or management of money.

(Ord. No. 1974, § 1, 3-9-21; Ord. No. 1075, § 1, 3-23-21; Ord. No. 2027, § 2, 2-27-24)

The city treasurer shall receive such compensation as may from time to time be determined by resolution of the city council.

(Ord. No. 1974, § 1, 3-9-21; Ord. No. 1075, § 1, 3-23-21)

Before commencing any duties of office, the city treasurer, and any employee responsible for the investment or management of money shall post a faithful performance bond payable to the city in an amount determined by resolution of the city council. The cost of the premium on the bond shall be a charge against the general fund of the city.

(Ord. No. 1974, § 1, 3-9-21; Ord. No. 1075, § 1, 3-23-21)

(a) Pursuant to Government Code § 53601, the city council has the authority to invest or reinvest city funds. This authority may be delegated to the city treasurer, or such other person as determined by resolution of the city council. The city treasurer, or other such person as determined by resolution of the city council, shall have the duty to enforce the investment policy of the city as may be adopted from time to time by the city council. The city council may review the city's investment policy during its consideration of the annual budget or such other time as determined by the city council. The city treasurer, or such other person as may be determined by resolution of the city council, shall have the duty to recommend additions, deletions or modifications to the investment policy for consideration by the city council. The city treasurer, or such other person as determined by resolution of the city council, shall perform those duties established by the general laws of the state relating to the management and investment of city money.

(b) If the city council delegates its authority to invest or reinvest city funds to the city treasurer or other such person as determined by resolution of the city council, the city treasurer or such other person as may be determined by resolution of the city council, shall present monthly reports on investments to the city council by filing such reports on investments with the city clerk in the manner prescribed by the city council. The report shall include the information required by Government Code § 53646(b) and shall also include: the type of investment; date of investment; how title is held; institution; date of maturity; par value; amount of each investment; current market value for all securities with a maturity of more than 12 months; rate of interest; confirmation that each investment is consistent with the city's investment policy; and information showing expenditure requirements can be met in the following month. For money managed by LAIF, a county investment pool or placed in FDIC insured accounts, the city treasurer or such other person as may be determined by resolution of the city council, shall use the statement from these institutions in lieu of separate report unless the city council directs otherwise by resolution.

(c) The city treasurer shall have no duty to perform any of the fiscal and budgetary functions of the city that are performed by the department of finance, established pursuant to article V of chapter 2 of the Hemet Municipal Code, including but not limited to, those duties of the department of finance described in Hemet Municipal Code Section 2-302.

(d) The city council may by resolution assign additional responsibilities to the city treasurer.

(Ord. No. 1974, § 1, 3-9-21; Ord. No. 1075, § 1, 3-23-21)