Local News in Brief : City Manager to Leave Camarillo Job in June
The Camarillo City Council has unanimously voted to accept the resignation of the city manager for failing to prevent the city from losing $25 million in bad investments last year.
City Manager Thomas W. Oglesby said in his resignation letter to the council, which was accepted late Wednesday, that he is stepping down because “it is my duty to keep the City Council fully advised as to the financial condition of the city. Because I was unaware of the true financial condition, I did not fulfill that duty.”
Oglesby’s resignation is effective June 30.
An audit report released Monday by the accounting firm of Arthur Andersen & Co. said former City Treasurer Donald F. Tarnow lost $25 million by engaging in high-risk investments, most of which involved the buying and selling of government securities.
Although Tarnow had sole control of the city investment fund, the auditor’s report said Oglesby was responsible for the management “of all city services and departments, including finance.”
Tarnow was fired in January and his boss, Finance Director Larry Weaver, resigned last month.
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