Hermosa Beach City Treasurer David Cohn announced on Monday that after 18 months in office, it was time for him to resign.
“At nearly 73, it has become apparent I have taken on more responsibilities than one at this stage of life should do,” Cohn wrote in an official letter. “Between my Corporate Finance firm activities, teaching four classes on the subject of Corporate Finance, and City Treasurer, something just had to give.”
He went on to say that it was apparent to him that Hermosa Beach is one of the best run cities financially in the State and he attributes that to the city’s financial policies from even before he took the helm.
“I unfortunately had many challenges and steps to learn quickly, not having a predecessor to talk to and having three different City Managers to communicate with during this relatively short period of time,” wrote Cohn.
According to a press release from the city, at the next council meeting on May 14 it will be recommend that Viki Copeland, the city’s current finance director, to fill the vacancy in the interim. The city will also draft a resolution that would place the question of whether the city treasurer position should be appointed on the November 2013 ballot.
Cohn echoed the city’s recommendation, adding that along with Copeland, City Manager Tom Bakaly should also assume the responsibilities of the treasurer position.
He also recommended that the council draft an initiative which provides for the residents of Hermosa Beach to change the Treasurer position from elected to appointed.
“With a city of our size and amount of idle funds to invest, the office of City Treasurer should be appointed, and not have to endure the related expenses tied to an election process,” Cohn wrote. “Moreover, if this office is appointed, we dramatically expand the number of “qualified” prospects available to hold the office, whereas now, we are now limited to only those who are residents of the City.”
He added that the duties of the Treasurer are predominately overseeing the investment of idle funds, with a very limited ministerial role in the financial activity of the city.
“I wish you all well and hope that the City Council will take these initiatives I have suggested serious enough to continue to move this community to an even more grounded financial position [than] it now enjoys,” wrote Cohn.
His resignation will go into effect May 15. ER
