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Findlay council presses auditor for clearer accounting of $100 million portfolio, requests presentation
Summary
Council members pressed City Auditor Jim Stashek for a clearer accounting of the city's investments and requested a presentation on returns, holdings and allowable instruments; the auditor defended current practices and said some requested history may impose a staff burden.
Council members on Findlay City Council on March 4 pressed City Auditor Jim Stashek for clearer information about the city's interim and inactive investments and asked for a formal presentation on the portfolio's returns.
Councilman Dan DeArmond formally requested that the portfolio manager present a line-item report for 2022-24, a 2025 forecast and a briefing on the types of investments allowed under Ohio law; he asked that a Fifth Third Bank representative and the city's financial advisor, Andrew Brossard, attend the April 1 meeting. "We have no idea what our return on investment is. We we have a hundred million dollar portfolio," DeArmond said during the discussion, citing the need for an annual return figure and regular updates.
The request followed a letter and on-the-record statement from Auditor Jim Stashek, who read into the record a letter that described the city's adherence to the Uniform Depository Act (Ohio Revised Code chapter 135) and explained past…
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