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Resident files complaint over investment-manager reporting; urges council to exercise charter oversight
Summary
A Flagstaff resident told the City Council he filed a complaint with the city attorney alleging a new contract limits council oversight of the city’s investment manager and cited previous investment losses documented in the city audit.
A member of the public told the City Council on May 27 that he had filed a formal complaint with the city attorney asserting that a recently approved contract with an investment manager conflicts with the council’s charter responsibilities for investment oversight.
“Today I provided a complaint to the city attorney regarding this,” said Steven Poor during open call to the public. Poor argued that the contract’s scope of work limits quarterly reporting to the director of management services and thus “steps you aside” from the council’s charter‑assigned fiduciary duties.
Poor cited figures he said were from the Flagstaff annual comprehensive audit: “in the last 3 years… a decline in value over $1,000,000 in 1 year, over $7,000,000 the second year, and over $3,000,000 last year,” and asked the council to “step up” in its review role. He told the council he would await the city manager’s response and next steps.
The transcript contains no council deliberation or formal action in response to the complaint; the speaker said the matter had been given to the city attorney. Council members and staff did not discuss the complaint further during the session recorded in this transcript.
