Update / Follow-up on the news : BUENA PARK : Panel Suggests City Change Portfolio
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An independent committee of financial experts appointed in the wake of the Orange County bankruptcy has recommended changes in the city’s investment portfolio.
The City Council received the three-member committee’s final report this week and is expected to accept the recommendations in January.
Most of the procedures suggested by the group are already being practiced by city officials, Finance Director Greg Beaubien, a member of the panel, said.
New recommendations include a written “ethics clause” for officials responsible for handling the city’s $20-million investment portfolio. It would ensure that finance officials refrain from personal business ventures that “could impair their ability to make impartial investment decisions.”
If the report is adopted, the city will reduce its investment in the state pool from 50% to 35%, Beaubien said, to diversify its portfolio. The report also recommends limits in all investment categories except U.S. treasury bills, and a quarterly review by an outside expert.
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