Documented Financial Stewardship Under L. David Patterson
The financial results below were documented during L. David Patterson's tenure as Hawthorne City Treasurer and reflect his stewardship of the City's treasury operations. The underlying City reports are linked so voters can examine the records directly. The City of Hawthorne Finance Department identifies annual audits, budgeting, cash management, accounting, and financial reporting among its core financial functions.
Investment Interest Earnings
Approximately $30,000 → More Than $500,000 Annually
Under L. David Patterson's stewardship as Hawthorne City Treasurer, City financial and investment reports show a substantial increase in investment interest earnings — from approximately $30,000 to more than $500,000 annually during his tenure.
Source: City of Hawthorne financial and investment reports
Investment Performance
Approximately 400% Increase in Reported Investment Return Rate
During L. David Patterson's service as City Treasurer, the City reported a substantial increase in the return generated by its investment portfolio — approximately a 400% increase in the reported investment return rate under his stewardship. Investment return alone does not determine investment quality; where available, the City's reported rate for the beginning and ending periods should be reviewed in the source documents.
Source: City of Hawthorne financial and investment reports
Banking Costs
Tens of Thousands of Dollars in Annual Savings
Under L. David Patterson's stewardship as City Treasurer, changes to Hawthorne's banking arrangements reduced recurring banking expenses by tens of thousands of dollars annually. The City later conducted a competitive banking process — during his tenure — that resulted in the elimination of those banking fees.
Source: City of Hawthorne financial records and banking documentation
Cash Position and Financial Reserves
Approximately $5 million → More than $100 million
During L. David Patterson's broader service in Hawthorne government — including his tenure as City Treasurer — City financial reports reflected significant growth in available cash and reserves. These results involve decisions and actions across City leadership, management, finance staff, elected officials, revenue conditions, and other factors, and are not attributed solely to the Treasurer.
This figure reflects the applicable reported City cash / cash-and-investment measure documented during the period of Patterson's service.
Source: City of Hawthorne official financial reports
Timeline
2013
L. David Patterson elected Hawthorne City Treasurer, assuming stewardship of the City's treasury operations.
2013–2020
Under Patterson's stewardship as Treasurer, investment earnings and investment returns increased during his tenure, per City financial and investment reports.
Banking Review
Under Patterson's stewardship, changes to banking arrangements reduced recurring City banking costs; a later competitive banking process eliminated banking fees.
Exact years and figures are included only where supported by official City records.
Examine the official City records behind these figures.
See the Supporting Records