UCLA’s former chief financial officer, who abruptly departed the university in February after alleging financial mismanagement, will serve as Culver City’s CFO, the city announced Monday.

The city announced in a press release that Stephen Agostini – who served as UCLA’s CFO from May 2024 until February – will take on the role. Culver City – which has a population of more than 40,000 people – has a projected $22.1 million deficit for the 2025-26 fiscal year, according to its budget report.

Chancellor Julio Frenk announced in a Feb. 17 campuswide email that Agostini would no longer serve as UCLA’s CFO – days after the Daily Bruin published a story in which Agostini alleged that previous administrators mismanaged UCLA’s budget, leading to a $425 million annual deficit.

Agostini also told the Daily Bruin that financial reports posted by the school from 2002 to 2023 were unaudited and erroneous.

[Related: UCLA CFO out days after alleging history of financial mismanagement]

Reem Hanna-Harwell, UCLA’s interim CFO, said in a Thursday campuswide email that UCLA’s projected deficit for the 2025-26 fiscal year was $220 million, and that previously reported deficits were inaccurate because they accounted for unapproved expenditures. Mary Osako, UCLA’s vice chancellor for strategic communications, released a statement the same day as Agostini’s departure that said his deficit estimate was inaccurate, but did not provide an alternative number.

[Related: Interim CFO says UCLA’s budget deficit is markedly lower than previous estimates]

As CFO of the city, Agostini will oversee Culver City’s core financial operations, including investments, budgeting, accounting, purchasing and payroll. He will also advise City Manager Odis Jones on the city’s financial strategy and long-term fiscal health, according to the press release.

Agostini told the Daily Bruin that about 75% of UCLA’s academic units were operating under a deficit as of February 2026. Agostini – who previously worked as a CFO in several federal government offices and was the associate vice chancellor of finance and budget at the University of North Carolina – said in the interview that he rarely saw financial mismanagement as extreme as UCLA’s.

[Related: Financial mismanagement contributed to $425 million annual deficit, CFO says]

Agostini did not respond to a request to comment on his new position. Culver City Media Relations did not respond to a request for comment on the city’s choice to appoint him following his UCLA departure.

The city lauded Agostini in the press release for closing a $300 million budget gap at UCLA and delivered a balanced budget. The release did not mention UCLA’s current budgetary deficit.

Agostini told the Daily Bruin in February that UCLA was originally projected to generate a deficit of $230.9 million in fiscal year 2024-25, but his office took corrective actions totaling $267.1 million, leaving the school with a $36.2 million surplus. UCLA Media Relations did not respond to a request for comment on the accuracy of the budgetary information Agostini provided for the 2024-25 fiscal year.

Jones, who Agostini will report to, said in the press release that he believes Agostini will be integral to addressing the city’s budgetary issues.

“His ability to translate complex financial realities into clear options will support strong decision-making and help position Culver City for long-term stability,” Jones said in the press release.