Delaware County commissioners weigh removing treasurer’s investing authority amid litigation

The Delaware County Board of Commissioners reviewed ongoing litigation with the county treasurer over the Investment Advisory Committee’s policy and discussed, but did not vote on, whether to remove the treasurer’s investing authority.

Why it matters: The dispute centers on private placement investments the treasurer pursued and whether the county’s investment policy — and the treasurer’s compliance with it — should justify transferring investing authority from the treasurer to the board or another official. Any change would immediately shift who controls how taxpayer funds are invested.

The board reconvened in regular session after an executive session and heard a summary from the county’s General Counsel that litigation is pending between the commissioners and the treasurer over the Investment Advisory Committee policy and the treasurer’s adherence to that policy. The General Counsel said staff’s prior recommendation, following the semiannual review on March 6, was that the board not remove the treasurer’s investing authority…