ORANGE : City Unveils New Investment Reports

The city treasurer and finance director submitted the first of their “user-friendly” monthly reports to the City Council last week, while the city manager prepared to appoint an independent committee to oversee investments.

A securities consultant had recommended both actions last month as a way for the city to tighten oversight of its investments.

Council members had discovered in December that the city treasurer had not followed a policy of keeping deposits in the county investment pool under a $20-million cap. Instead, the city had $28 million invested in the fund when the county declared bankruptcy.

City Manager David F. Dixon said in January that the interest loss alone on the investment would cost the city about $750,000 from its $47-million operating budget for 1994-95.

Finance Director Ann Marie Gallant and Treasurer Helen Walker prepared the January treasurer’s report and described it as “user-friendly” because it includes detailed text and graphics describing the city’s financial activity. They said the council should expect to receive similar reports at meetings each month. Previously, the reports had not been issued on specific dates.

The report won approval from both Dixon and community activist Nick Lall, who has criticized the council since the Dec. 6 bankruptcy.

“It is getting closer to what it should be,” Lall said of the report. “Had the council looked at the reports earlier, we might have had less money in the (county) investment pool.”

During 1994, then-Treasurer Mark Weiss was frequently absent because of a terminal illness and the council has blamed him for not withdrawing money from the county pool. Weiss has said that he authorized another city official to take over his duties.