Frequently Asked Questions

Turlock’s City Treasurer is responsible for investing $300 million of taxpayer funds.

The City Council adopted an Investment Policy Statement that provides guidelines to the Treasurer on what the investment objective is (safety and stability are foremost and income is secondary) and what types of investments are acceptable. Generally speaking, investments must be short term (<5 years), high quality (AA or better) bonds.

No. The City Council adopts a budget and votes on amendments to the budget and the Finance Department is responsible for carrying out the day-to-day operations regarding spending, accounting, and oversight.

The Treasurer submits monthly reports to the City Council which show the current holdings and balances and the Council votes to accept the report. Ultimately, the Treasurer is accountable to the voters.

I want to use my professional training to serve my community. The better job a treasurer can do, the more money our city will have to support the services our residents depend on like public safety, water, and roads. I also have been inspired by my wife’s service on the City Council. She works hard to educate herself, consider multiple perspectives, support policies that work well for all stakeholders, and communicate her message effectively to the public. We need dedicated people to stand up and work for the good of our community.

No. The Treasurer is an independent position from the City Council. The Treasurer invests the City’s money but does not vote or have any policy-setting power. Similarly, the Council votes and sets policy but does not have a say on specific investment decisions other than the guidelines established in the Investment Policy Statement.

I grew up in Turlock, attending Dutcher Elementary School, Dutcher Middle School, and Turlock High School. My dad was a Math Professor at CSU Stanislaus for 35+ years and my mom taught language arts and history at Dutcher Middle School after raising my brother and me. My wife, also from Turlock, was my high school sweetheart. We both returned to Turlock after graduate school to raise our family here. We have two young daughters.

After earning bachelor’s degrees in Mathematics and Music at the University of the Pacific, I completed a PhD in Mathematics at the University of Southern California. After working at a local firm as an investment manager, I pursued a Chartered Financial Analyst (CFA) designation to further my knowledge in the investment profession. I am one of only three CFA charterholders in all of Turlock.

The CFA designation is considered one of the highest distinctions in the investment profession.¹ Candidates must pass a rigorous series of three exams that demonstrate competency in topics such as utilizing investment tools, valuing assets, portfolio management, and wealth planning.²

The average investment client rarely has access to the advice of a CFA charterholder. Many CFA charterholders work as chief investment officers for publicly-traded companies or manage investments for institutions like banks, hedge funds, or pension plans. I decided to pursue this designation to make the knowledge base and skills of a CFA charterholder available to my clients.

1 – https://www.forbes.com/advisor/investing/cfa-chartered-financial-analyst/
2 – https://www.cfainstitute.org/en/programs/cfa/

No. The Treasurer must invest the City’s funds according to the Investment Policy Statement. Stocks and other aggressive investments are not permitted. Generally speaking, investments must be short term (<5 years), high quality (AA or better) bonds.

Some level of cash will be necessary for the City to pay its bills. The income coming in from sales tax, property tax, and permit or license fees, may be unpredictable as well. However, I believe in working closely with the Finance Department to get a good understanding of our cash needs so that the excess can be invested and earn more money for the City. This will require more attention by the Treasurer than holding lots of cash but it will serve us better in the long run.

Aside from working more closely with the Finance Department to understand our cash needs and investing the excess into higher-yielding investments, I also plan to foster trust with the community by presenting to the public biannually at City Council meetings. This is something that hasn’t been happening and I think our residents deserve the opportunity to know how their funds are being invested and to be more accountable to the public. I also plan to bring a more sophisticated approach to investment selection by choosing investments that match their intended uses (e.g. timing investment maturities with anticipated withdrawals).

Yes. As a fiduciary for my clients, I understand what it means to make decisions in their best interests. I am sensitive to the impact fees can have on a portfolio. I plan to bring this same mentality as your City Treasurer.

I work with clients from both sides of the political spectrum and I tailor each client’s investment portfolio to their preferences. In the case of managing the City’s money, it would be up to the City Council to adopt an ESG policy if they want the Treasurer to consider additional criteria in the course of investment decision making. It’s not the Treasurer’s place to impose his/her own personal preferences. That being said, because the Investment Policy Statement only allows high quality bonds, it is unlikely that many “non-ESG” companies are even eligible for investment.

Please share the word with your friends and neighbors who are registered voters throughout Turlock and have them vote for me, Michael Abram, for City Treasurer.

You can share my Facebook page or my website with them. Please note, I am not raising funds from the public at this time. Thank you!

You can fill out the contact form here or email me at mike@AbramForTreasurer.com

I’m happy to answer any questions you may have about myself or the Treasurer position. I’m also available for speaking engagements upon request.