City Treasurer —City of Palos Verdes EstatesMarch 7, 2017 —Local Elections
City of Palos Verdes EstatesCity Treasurer
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About this office
- My top priority is to bring a new perspective and level of oversight to City finances. I will represent City residents in an independent and professional manner.
- Leverage my financial experience to prudently invest, and maintain the safety of, City funds. I will be accountable to the residents to ensure that all investments are in accordance with City Investment Policy.
- Be a valuable, consultative resource for our City Council, Finance Director and staff, providing guidance to help our city reach its goals in the most financially responsible way.
- Consider adoption of an active investment strategy to replace current passive investment strategy
- Creation of an Investment Advisory Committee
- Implement annual review and update of the City's Investment Policy
My family and I have lived in PVE for nearly 30 years. My wife Merredith grew up in PVE and some may remember her as the chef at USA Cafe in Hillside Village.
Currently practicing law in my 38th year, I focus my practice on the defense of professionals, including accountants in securities litigation.
In 2001, I was elected to membership in the American Board of Trial Advocates.
I served two terms as president of the Palos Verdes Tennis Club, from 2003-2005.
From 2005-2007, I served as a Planning Commissioner on the PVE Planning Commission, and served briefly as Chair in 2015.
I was elected to the PVE City Council in 2007, and served two terms before stepping aside after my second term. Two other councilmembers also left at the same time, and within a matter of weeks, a fourth councilmember, George Bird, left the Council due to his appointment to the Superior Court bench. I was concerned about the loss of institutional memory and lack of continuity posed by the departure of 4 councilmembers coupled with a relatively new city staff leadership, so when the Council interviewed for a replacement for Judge Bird, I applied for and was appointed to fill out the last two years of his term. Now that I've finished his term, I am again stepping aside from the City Council.
I'm president of the Harbor Developmental Disabilities Foundation dba Harbor Regional Center, a not-for-profit 501(c)(3) providing support services for developmentally delayed children and adults here in the South Bay. Harbor's annual budget this year is about $200 million, funded almost entirely by the State of California. I've served on the Board of Trustees for about 14 years, and in the past I have served on its audit committee and as Treasurer.
I'm our City's delegate to the City's self-insurance pool, the California Joint Powers Insurance Authority (California JPIA), which is the insurance pool for more than 100 cities and governmental agencies. I was elected to the Executive Committee and served from 2009-2015, and I was elected Vice-President, and served as Chair of the Claims Committee from 2013-2015. I gave up these posts when I left the PVE City Council briefly in 2015.
I understand that the California JPIA currently has approximately $300 million under active management by an outside consulting firm which must comply with an investment policy similar to our City's, and reports to its Executive Committee, much as the PVE Treasurer reports to the City Council. I've had considerable exposure to the services and reports available from an active portfolio manager.
“John has the relevant education and years of professional experience our City Treasurer requires. He has proven himself over many years to be reasoned, fiscally conservative, and consistently dedicated to our community’s interests. There is no one I would trust more with the oversight and decisions relating to the investment and safe keeping of City funds.”
- Mayor Jennifer King
- Former Mayor Jim Goodhart
- Councilmember Betty Lin Peterson
- City Treasurer Joe Sherwood
- Mayor pro tem Jim Vandever