“If everyone is moving forward together, then success takes care of itself”
Questions for TREASURER Candidate on Relevant Issues:
10: Regarding the Responsibilities of the City Treasurer:
Background: Duties and Responsibilities of the PVE City Treasurer
Is defined as: (https://www.pvestates.org/government/finance/city-treasurer)
“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 serves on the Investment Policy Advisory Committee as an ex-officio member. The City Treasurer also is responsible for providing a signature on approved checks, drafts and warrants.”
Question:
Please summarize what you believe are the main responsibilities of the City Treasurer in PVE. What should be the priorities in this role?
Responses:
Martin J.Petersen
“MARTIN J. PETERSON:
”The quoted duties and responsibilities are consistent with my understanding of them.
Execution of these policies are now occurring in terms of the current inventory of investments, reviews of those investments, communications with the City Manager and Council, suggestions regarding potential opportunities (within bounds of ‘safety’), and regular reporting of such.
Modifications to the Investment Policy have recently been floated and approval cycles are in process. I will continue with the process of having those approved, if they do not become approved this year.
The Advisory Committee, as mentioned in this quotation is excellent. Every resource has extensive investments and finance knowledge, bringing rich experiences that benefit the city tremendously.
In addition to continued operation of this office, I recommend that the city continue and augment steps towards staff acquisition and stabilization.””
11: Regarding Your Goals and Objectives as Treasurer:
Background: Aware of the financial issues confronting PVE, some stated earlier under Overall Financial Health of the City
Question:
Why are you running for Treasurer and what do you hope you can accomplish during your term?
Martin J.Petersen
“MARTIN J. PETERSON:
”I love this city. And I have yet to meet anyone who does not. I want to help; that is my reason for running.
The city faces numerous challenges, financial and otherwise. The challenges and solutions are not conducive to repairs via magic wand. They will only be solved by community engagement. And community engagement only ‘happens’ with transparency.
I will advocate transparent communications strongly and I will practice transparent messaging from the Treasurer’s Office as well.””
12: Regarding Your Background and Experiences for Treasurer:
Question:
You have a long and impressive career spent in managing software engineering teams, not in Finance. Given that a significant part of the Treasurer's job requires technical financial skills (i.e., managing the City's cash and investing) how do you think your background and experience could help or hinder you in this role? How will you earn credibility despite your lack of financial credentials (MBA, CPA, CFA)?
Martin J.Petersen
“MARTIN J. PETERSON:
”Credibility is built through delivering results, fostering trust, and driving successful outcomes.
My career in managing software engineering teams has provided me with the skills to tackle complex, high-stakes challenges, often with financial constraints or controversies at play. I’ve consistently excelled in environments that demanded creative problem-solving, collaboration, and the ability to navigate difficult decisions—all of which are critical in a Treasurer’s role.
Although my background isn’t in finance, I bring a proven track record of building and leading high-performing teams, drawing on expertise from diverse perspectives. The role of Treasurer is no different in that success comes from leveraging the strengths of a skilled team, like our city’s Steering Committee, to explore innovative financial strategies within policy constraints.
Looking ahead, the difficult financial decisions we face present an opportunity to shift the conversation from ‘why we can’t’ to ‘how we can.’ With my leadership experience and a commitment to learning, I will ensure our city thrives through strategic, well-informed decisions, always guided by the expertise of our financial advisors.””