FOR IMMEDIATE RELEASE
April 15, 2026
Latisha Townsend – Communications Director, Supervisor Foley
(714) 559-8364 | Latisha.Townsend@ocgov.com
OC Vice Chair Foley Pushes Back on Misleading Fiscal Claims, Emphasizes Orange County’s Strong Financial Position
ORANGE COUNTY, CALIFORNIA – Following yesterday's Board discussion on Item S43L, Vice Chair Katrina Foley released a statement asserting that Orange County residents deserve accurate, transparent information about County finances, while pushing back on rhetoric by the Treasurer Tax Collector overstating fiscal risk.
“Our discussion clarified that the County does not face a cash crisis,” said Vice Chair Katrina Foley. “Our CFO explained that seasonal cash-flow pressures occur regularly, but staff anticipate and actively manage them. She also confirmed that the County already incorporated Board-approved spending decisions into its projections and that the County still operates well within policy thresholds to meet obligations.”
Vice Chair Foley added, “We should always welcome oversight, but it must remain grounded in facts, clear communication, and a shared commitment to public confidence. Orange County remains fiscally strong, and Fitch’s latest affirmation of the Treasury Pool at the highest rating levels reinforces our conservative fiscal investment strategy.”
Orange County’s current investment structure places oversight with the Board of Supervisors and the County Executive Office. Beginning in 2025, the Board retained oversight of County Treasury investments and designated the County Investment Manager role within the County Executive Office, rather than continuing the prior delegation to the Treasurer-Tax Collector. Fitch affirmed the Orange County Treasury Pool at the highest ratings, ‘AAAf’/‘S1,’ on April 14, 2026.
Timeline
This discussion comes after a series of developments involving the Treasurer-Tax Collector’s office. In December 2024, the Board chose not to renew its annual delegation of investment authority to the Treasurer-Tax Collector. As reported by Voice of OC, that decision left the authority with the CEO, subject to Board oversight.
In February 2025, the Board unanimously adopted an ordinance allowing the County CFO to exercise the Board’s investment authority and approved a County Investment Policy establishing the new structure. None of the conservative low risk investment policies and strategies changed.
Public scrutiny intensified in February 2025 after a county-commissioned workplace investigation and broader management concerns inside the Treasurer-Tax Collector’s office were made public. Employee complaints and operational concerns were among the reasons the Board pulled back investment authority.
Vice Chair Foley raised concerns that a missed deadline to provide the County’s schedule of assets delayed the Annual Comprehensive Financial Report, a problem she said could have placed the County’s credit standing and the timing of state and federal funding at risk if the CEO and CFO had not intervened.
Vice Chair Foley repeatedly emphasized how this exchange reinforces the need for clear communication, professional coordination, and public confidence when discussing county finances.
To inquire about Supervisor Foley’s media availability, please contact Latisha Townsend at (714) 559-8364.
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Vice Chair Katrina Foley was elected to the Board of Supervisors in 2022 to represent the newly established District 5, which includes the cities of Aliso Viejo, Costa Mesa, Dana Point, a large portion of Irvine, Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods, Newport Beach, San Clemente, San Juan Capistrano, as well as the unincorporated areas of Coto de Caza, Emerald Bay, Ladera Ranch, Las Flores, Rancho Mission Viejo, Stonecliffe and Wagon Wheel. This is her second term on the Board of Supervisors, where she previously served District 2.
Vice Chair Foley’s 2026 Board appointments include:
Chair – Orange County Housing Finance Trust
Orange County Fire Authority (OCFA)
Orange County Transportation Authority (OCTA)
Orange County Audit Oversight Committee
OC Public Libraries Advisory Board
Newport Bay and South Orange County Watershed Executive Committees
Transportation Corridor Agency - Foothill/Eastern
Transportation Corridor Agency - San Joaquin Hills
Coastal Greenbelt Authority
