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Council debate over maturing CDs spotlights governance, disclosure concerns
Summary
A heated exchange over reinvested certificates of deposit prompted requests for clearer financial reporting: council members sought a written report showing the status and balances of maturing CDs after disagreement over who authorized reinvestments and whether paperwork allowed prohibited investments.
A prolonged, at-times tense debate at the Friendship Heights Village Council's Dec. 14 meeting focused on the status of maturing certificates of deposit (CDs), internal controls and how reinvestment decisions have been authorized.
Treasurer Roy Schafer recounted prior concerns about paperwork for reinvesting CDs, saying he refused to sign an earlier set of documents he believed allowed prohibited investments (equities) and that he insisted on safer options. The mayor and the treasurer said later reinvestments were made with mayoral knowledge and in consultation with the village’s…
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