Board Appoints New Treasurer For Riverside County

RIVERSIDE COUNTY, CA - The Board of Supervisors Tuesday appointed a 15-year Riverside County employee to serve as treasurer-tax collector to fill the vacancy created by the resignation of tax chief Don Kent, who will be taking over next month as the county's chief financial officer.

Assistant Treasurer-Tax Collector Jon Christensen was selected by board Vice Chairman Chuck Washington to receive the appointment, and the board voted unanimously in favor.

"It's one of those things that just kind of crept up," Christensen said. "But I want the board and the people of Riverside County to know, I'm ready for this. I've spent a lot of time in this office."

Christensen has been in his current post for nine years, prior to which he held another administrative job within the office. Before signing on with the county, the Riverside-area native worked as an investment adviser in the private sector.

"Congratulations. I've known you for a number of years, and I know you're going to do a great job," said Supervisor John Tavaglione.

The appointment will last for the time remaining in Kent's term, which expires December 2018. The next treasurer election is in June.

Kent, 48, will begin his duties as CFO on Aug. 2, advising the board on budgetary matters concerning all departments. The move comes as current CFO Paul McDonnell bids the county adieu for the final time, leaving Aug. 1.

Kent is following his former boss for the second time in his career with the switch. When McDonnell stepped down as treasurer in the fall of 2008 to serve as CFO, then-Assistant Treasurer Kent was appointed by the board to fill the vacancy. He was ultimately elected to the seat.

McDonnell, 66, informed the board several months ago that he intended to retire.

Kent has spent 20 years in the Office of the Treasurer-Tax Collector, landing a management position there after working in investor relations for PaineWebber Inc.

During his tenure, Kent shepherded the county's $8 billion investment pool through the Great Recession, staving off losses in spite of the pool's exposure to government bonds of all durations.

The pool, which serves as the repository for revenues collected not only to meet the county's obligations, but also those of special districts, school districts and community colleges, reached record-high valuations under Kent's watch.

McDonnell served as CFO between November 2008 and December 2009, then left for a job in the private sector, but returned to serve as CFO once again in the summer of 2015. He was the county's chief tax authority between 1998 and 2008.

— By City News Service /Image via Shutterstock