The Candidate
Phillip "Phil" Doolittle has spent most of his adult life working and living in the Redlands community. He currently serves as the City Treasurer of Redlands.
Doolittle previously held positions as Chief Financial Officer/Treasurer and Chief Operations Officer at the University of Redlands, with overall responsibility for the institution’s financial and business affairs, including management of the endowment portfolio and other investments. He also served as Chief Financial Officer at the University of Massachusetts Global and held management positions at TRW Inc. (now Northrop Grumman Corporation) and U.S. Securities and Exchange Commission.
He has served on the boards of several community and professional organizations, including Redlands Community Hospital (Board Chair), Redlands Symphony Association (Treasurer), Museum of Redlands/ RHMA, Watchorn Lincoln Memorial Association (President), Redlands Health Foundation (Board Chair), University of Redlands Board of Trustees, WASC Senior College and University Commission (Commission Chair), National Association of College & University Business Officers, Tuition Plan Consortium LLC (Private College 529 Plan), and College Liability Insurance Company, LTD.
Doolittle is an active member of the California Society of Municipal Finance Officers, California Municipal Treasurers Association, Association of Public Treasurers of the United States and Canada, and Government Finance Officers Association.
Doolittle received a bachelor's degree in political science and business administration from the University of Redlands and an MBA in finance and accounting from the Atkinson Graduate School of Management, Willamette University.
The City Council appointed Doolittle in June 2023 to fill the seat vacated by the passing of Robert Dawes.
The Funding
Total raised: $14,450
(Last updated Nov 1., 2024)
Doolittle's campaign for the city of Redlands Treasurer has raised $14,450
- $12,450.00 from 45 individual donations.
- $500 from Diversified Pacific Development Group LLC
- $500 from The Rochford Living Trust
- $1,000 from Samir Tadha Dental Corporation
Survey: In Their Own Words
The same two questions were provided to both candidates. The candidates' responses were edited only for grammar or spelling.
How do you define the role as Redlands City Treasurer?
The primary role of the City Treasurer is the investment of city funds.
The city’s current investment portfolio totals approximately $264 million. As discussed in the city’s investment policy, the City Treasurer coordinates with the city’s finance staff on the monitoring and forecasting of revenues and expenditures, which permits the City Treasurer to invest city funds to the fullest extent possible.
To achieve the city’s investment policy objectives and to remain in compliance with California government code, the City Treasurer maintains a diversified investment portfolio with the primary objectives of safety, liquidity, and yield - in that order. The prudent investor standard, as defined by the California government code, is applied in the context of management of the overall investment portfolio. Given the City’s investment objectives and California government code requirements, the City invests primarily in fixed-income-type assets. The portfolio includes such investments as treasury coupon securities, municipal bonds, federal agency coupon securities, negotiable CD’s, medium term notes, shares of beneficial interest mutual funds, and permitted investment funds (Local Agency Investment Fund, California Asset Management Program, California Cooperative Liquidity Assets Securities System).
The city’s portfolio has limited exposure to traditional equity investments. Given the core responsibilities of the City Treasurer’s position, which includes the safeguarding of city funds, it is important that the individual serving as City Treasurer has knowledge and experience in the oversight and management of investment portfolios, as well as background in budget and cash flow management.
What are your three priority areas?
- Investing city funds to the fullest extent possible consistent with the city’s investment policy; maintaining a diversified portfolio to achieve the primary objectives of safety, liquidity and yield. Obtaining an acceptable market-average rate of return for the investment portfolio during budgetary and economic cycles, taking into consideration the city’s investment risk constraints, as identified in the investment policy, and cash flow requirements. Safeguarding city funds and maintaining fiduciary care is the most important objective.
- Continuing a practice of full transparency through the preparation and presentation of monthly and quarterly investment reports, with a detailed quarterly report for all pooled investments.
- Continuing the practice of updating investment policy when appropriate to ensure best practice, as well as compliance with CA government code. Presenting the city’s investment policy to the City Council for annual review and approval.
