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Santa Cruz County treasurer reports accounting adjustments after former-treasurer loss; board holds executive session on potential litigation
Summary
At its June 3 meeting the Santa Cruz County Board of Supervisors received a treasurer’s report describing accounting adjustments to reflect an extraordinary loss tied to the county’s former treasurer; the board then entered an executive session to discuss potential litigation involving financial institutions.
Santa Cruz County Board of Supervisors members on June 3 heard the county treasurer report that the treasurer’s office prepared adjusting entries to record an “extraordinary loss” tied to investments handled by the county’s former treasurer, and the board subsequently met in executive session to discuss potential litigation.
The treasurer (Chavez) told the board the office made entries required under generally accepted accounting principles to allocate the loss among affected county entities and to reconcile its financials with the county treasurer’s revised statements. Chavez said the loss is reflected…
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