Treasurer’s Duties and Responsibilities
The City Treasurer is a part-time position elected at the City’s General Municipal Election. The candidate elected in the March 2017 municipal election will serve until November 2020; thereafter the term will be four years and elections will occur in November concurrent with State and National elections. The position is not subject to term limits.
The Palos Verdes Estates City Treasurer, as an elected official, maintains an autonomous role for oversight and decisions relating to the investment and safe keeping of City funds. The position is independent of the City Council who has the role and responsibility for City government including establishing City policies. The City Treasurer’s function is defined by California Government Code Section 41001-41007 and guided by the Palos Verdes Estates Investment Policy and other policies that are adopted by the City Council. The City Treasurer, working closely with City staff, has the specific function to (1) assure the availability of funds for meeting the City’s daily cash flow needs, (2) manage and recommend City banking and custody service agreements in conformance with City policy and best practices, (3) work with authorized investment brokers and invest responsibly for maintaining the security and accessibility of City funds, (4) prepare monthly portfolio statements and quarterly portfolio reports that present investments, results, conformance to the City’s policies and best practices and appropriate liquidity, and (5) annually review and recommend updates to the City’s Investment Policy. The City Treasurer is supported in his/her duties by an Investment Policy Advisory Committee that includes the City Treasurer, who shall serve as Chairperson, and two residents appointed by the City Council. The City Manager or designee and the City’s external auditor serve on the Investment Advisory Committee as ex-officio members.1 The City Treasurer also is responsible for providing a signature on approved checks, drafts and warrants.
1 Establishment of the Investment Policy Advisory Committee is to be considered for approval by the City Council in January 2017 to begin regular meetings in July 2017.
Victoria A. Lozzi
Victoria Lozzi is serving her first term as City Treasurer. She has served for the past three years on the Board of the Palos Verdes Chapter of National Charity League, Inc., and prior to that on the Board of the California Alumni Association at UC Berkeley. She filled the finance role for both organizations.
Victoria and her husband, Nick, have lived in Palos Verdes Estates for eight years. They have four children, three of whom are away at college, and one is a senior at Palos Verdes High School. Victoria graduated from UC Berkeley, and has been a corporate banker for over 28 years. She specializes in helping organizations finance projects, implement efficient banking operations and manage investment assets.
Victoria hopes her fresh perspective and strategic approach to City finance will help to make Palos Verdes Estates the most efficient organization it can be, while instilling a culture of fiscal discipline.