Audit: Treasurer doing a good job

An independent auditor hired by the Orange County Board of Supervisors has found the county’s investment portfolio is being managed in a “thoughtful, prudent manner” by the elected treasurer and that the investment pools are sound, according to a report released Monday.

The report appears to vindicate the management of the $6.5-billion county portfolio by Treasurer Chriss Street, elected in June 2006 but beset during his first year in office by questions over his past business dealings and contracts he sought to award for county business.

The findings also undercut the criticisms of board Chairman John Moorlach, Street’s onetime political ally who turned on the treasurer and sought -- unsuccessfully -- to have him stripped of his authority over the county’s investments.

-- Christian Berthelsen