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.
Joseph C. Sherwood, Jr.Joseph C. Sherwood, Jr. started his service to the City of Palos Verdes Estates in 1999 when he
Mr. Sherwood graduated from the University of Delaware with a Bachelor of Science Degree in Business and Economics and shortly thereafter entered the U.S. Army as a 2nd Lieutenant. After a two year military tour, he entered the corporate arena working as a Corporate Marketing Manager at A.B. Dick Company in Chicago, Tokyo and Southern California. During this time he became aware of the environmental hazards in the country and he joined W.H. Hutchison as a Vice President. After receiving his General Engineering “A” license, Mr. Sherwood moved to SCS Engineers as a Vice President of SCS Field Services. His most rewarding position in the private sector was as Senior Advisor for Environmental Affairs with ARCO.
Mr. Sherwood and his wife, Phyllis, an educator, moved to PVE in 1970 and have two sons, Jay and Mark, who live in Palos Verdes Estates and Colorado respectively. The Sherwood’s have seven grandchildren of whom they are especially proud.
Mr. Sherwood was chairman of the Independence Day Celebration in 2003. In 2007, he was named “Hometown Hero” for his leadership in the development of Lunada Bay Park. In 2009, he was appointed to the Community Action Board of L.A. County to represent the 4th District for Supervisor Don Knabe. Mr. Sherwood is an active member of the Palos Verdes Tennis Club and served two terms as Club Treasurer.
Sculpture and oil painting have been areas of great interest to Mr. Sherwood. Some of his oils have received awards while displayed at the Point Vicente Interpretive Center, Torrance Cultural Art Center, and the Palos Verdes Golf Club.