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Board of Supevisors transfers investment division personnel and functions from treasurer to CEO

April 15, 2026

Orange County’s investment division staff and functions will be moved from the elected treasurer-tax collector’s office to the county CEO’s office, the OC Board of Supervisors decided Tuesday, April 14.

The board’s unanimous approval of the reorganization is part of the transfer of oversight of the county’s $17 billion investment pool from Treasurer-Tax Collector Shari Freidenrich to interim CEO Michelle Aguirre, completing a move started more than a year ago. As treasurer-tax collector, Freidenrich, who was elected in 2010, is the county’s banker, responsible for billing, collecting and safeguarding taxpayer dollars.

In December 2024, the board stripped Freidenrich’s investment duties and then, in February 2025, delegated control of the investment fund to the chief financial officer, Kimberly Engelby.

The supervisors’ decision to change the county’s investment policy drew sharp criticism at the time from local and state officials, including Assemblymember Avelino Valencia, D-Anaheim, who raised concerns about the lack of transparency and explanation in the board’s action.

At Tuesday’s meeting, Freidenrich argued the board has “dismantled many protections and oversight measures” implemented after 1994, when then-treasurer Robert Citron sent the county into bankruptcy with risky investments. Freidenrich said the board has made investment decisions, such as purchasing longer-term callable bonds, that “increased the risk” to public funds.

“The board continues to regularly interfere in my ability to carry out my legal, statuary and fiduciary duties,” Freidenrich said. “The board’s actions have created a clear and present risk to all treasurer-tax collector operations.”

Third District Supervisor Don Wagner said changes to the county’s investment policy are irrelevant to Tuesday’s agenda item, which was about relocating staff from the treasurer’s office to the CEO’s office.

“All we’re trying to do here — and it should be applauded by the TTC if she’s really concerned about oversight — is bring some of that oversight staff in-house where they can do their job that much better,” Wagner said.

At the time the board moved to change investment control, there were complaints from former employees who alleged Freidenrich created a hostile work environment in the department.

Wager said Tuesday that the difference from 1994 is that this time the board took action when concerns were raised about management.

According to a 2022 independent investigation, Freidenrich threw office keys at one employee, which violated workplace violence policies, and threateningly pointed her finger at another’s face. County officials also said Freidenrich’s management of the treasurer’s office led to delays in issuing refunds to schools, filing tax liens and cashing property tax checks, which resulted in incorrect late fees and penalties for taxpayers.

Former administrators of Freidenrich’s office have said that her investments were too conservative and failed to generate adequate returns.

Fifth District Supervisor Katrina Foley disputed Freidenrich’s claim that the county investments have lacked proper oversight.

“We have not voted to loosen any restrictions on our investment policy,” Foley said.

Engelby told the board on Tuesday that the county made a “special investment” for about $500 million, which matured and was invested back into the portfolio. As a result, she said, the county now has more funds to invest.

“Over the past, we’ve only dealt with mutual funds and treasuries,” she said. “Now we have diversified comparable to surrounding counties.”

Frienderich is running for reelection in the June primary against Dana Schultz, her former top deputy and the county’s current chief investment officer.

Orange County Register

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Board of Supevisors transfers investment division personnel and functions from treasurer to CEO

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