BUENA PARK : Council Seeks Experts in Investments

The mayor soon will begin recruiting for an ad hoc committee of what one councilman called “top-echelon money people” to review the city’s investment policy.

“I see it as a round-robin wide-open discussion where an exchange of ideas can occur,” Councilman Donald L. Bone said. “We should hear other people’s views.”

The council members had agreed to appoint a committee of independent financial experts to review their policy, because the city had $28 million in the county’s investment pool when it declared bankruptcy in December.

City finance officials, who have an operating budget of $35 million, have another $38 million to invest, apart from the money frozen by the county, fiscal services manager Stephen Dunn said.

Earlier this week, council members debated how to choose experts for the committee. They considered advertising for volunteers but finally decided that that method would not attract the right caliber of experts. Bone suggested that they identify top investment business people and recruit them. “I don’t think that the top echelon of people is going to respond to an ad in the paper,” he said.

Mayor Don R. Griffin said he would accept nominations from council members, and he asked the city manager to gather written investment policies of other cities. “Plagiarizing a good thing can make sense,” he said.