The city’s $440-million portfolio — tied mostly to shorter-term, top-rated institutions — is still relatively safe, but given a new economic landscape in which entire banking behemoths have been swallowed up one after another, Borucki said it was prudent to at least reconsider a decision made long before the financial mess.
“I’m just rethinking, that’s all,” he said. “These are extraordinary times.”
Borucki was appointed to the position mid-term by the City Council in 1999 and then ran unopposed in 2001. He has since earned a reputation for his apolitical approach to the job, preferring to stay out of the spotlight.
He declined to comment on when a final decision would be made, except to say that his family’s input would have a lot to do with it.
“I need to make sure I get this decision right,” he said.
If Borucki decides to seek reelection, it could have far-reaching implications for the April City Council election, in which three seats are up for grabs.
City Councilmen Frank Quintero and Ara Najarian are running for reelection, but Councilman Bob Yousefian announced in September that he would transfer his reelection campaign over to the open race for the city treasurer’s seat.
But on Friday, Yousefian said he not yet officially transferred his City Council reelection campaign funds and related documents with the state and, given Borucki’s second thoughts, was “standing still.”
“The mere fact that he decided not to run is the reason I decided to go for it because I was very concerned about who was going to be controlling all this money,” Yousefian said.
He and former City Councilman Rafi Manoukian remain the only two candidates to either have filed, or openly declared their candidacy, for the city treasurer position.
