Even if Hermosa Beach Treasurer David Cohn fails to weathers the storm over his personal indiscretions, the city of Hermosa Beach should thank him for directing the municipality through the state’s and the nation’s fiscal crises, which have already decimated four cities in California. Negotiating with large banks to remove bank fees, opening up bidding to competing banks, and diversifying investments to accrue higher yields and save money: every Treasurer should enact such reforms.
On this record in fiscal discipline, Hermosa Beach city leaders have instituted secure reserves with growing windfalls in the city treasury as well as enacting clear checks and balances for withdrawal and disbursement of funds. Let’s hope that negotiations over the city’s pensions, benefits, and the fate of public workers in the beach city will end with as firm and stable a resolution as its current fiscal health. Let’s also hope that Hermosa Beach voters will accept the MacPherson resolution, which will provide a future revenue stream.
On a further note, what has ensured that the city’s coffers remain insured against misappropriation, fraud, and malinvestment? A vocal, local press and a tenacious community have kept their eyes on the money and its safeguards. Imagine the difficulties which could have been averted if a more diligent leadership responded to an informed, outraged readership in San Bernardino or Stockton.
Now, if only Sacramento were as responsible about California’s debt and entitlement obligations, or our federal government as accountable with our tax dollars. If only voters paid more attention.
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