Orange County Board of Supervisors Vice Chair Katrina Foley issued a statement following a recent Board discussion on Item S43L, refuting claims made by the Treasurer-Tax Collector that exaggerated the county\u2019s fiscal risks.<\/p>\n
\u201cOur discussion clarified that the County does not face a cash crisis,\u201d Foley stated. She highlighted that while seasonal cash-flow pressures are common, they are effectively managed, and the county remains within policy thresholds for its financial obligations.<\/p>\n
Foley emphasized the importance of grounding oversight in facts and maintaining public confidence. She noted Fitch\u2019s recent affirmation of the Orange County Treasury Pool\u2019s high ratings, reflecting a conservative fiscal strategy.<\/p>\n
The county\u2019s investment structure shifts oversight from the Treasurer-Tax Collector to the Board of Supervisors and the County Executive Office beginning in 2025. The Board has maintained authority over County Treasury investments, appointing a County Investment Manager within the Executive Office.<\/p>\n
In December 2024, the Board opted not to renew the investment authority delegation to the Treasurer-Tax Collector, transferring it to the CEO with Board oversight. This decision followed reports of employee complaints and management issues within the Treasurer-Tax Collector\u2019s office.<\/p>\n
Foley also raised concerns regarding a delayed asset schedule that threatened the timing of the Annual Comprehensive Financial Report, emphasizing the need for improved communication and coordination in managing county finances.<\/p>\n
For media inquiries regarding Vice Chair Foley, contact Latisha Townsend at (714) 559-8364.<\/p>\n