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Former deputy treasurer asks board to probe county investments; Treasuer’s detailed October holdings included in packet
Summary
A former county official wrote to the board alleging the Treasurer declined records requests and that the county’s long-term bond positions have suffered significant market declines; the board placed his letter on file and the Treasurer's October investment report — listing roughly $258 million in holdings — was included in the packet.
A letter from former Madison County official Douglas Hulme alleging the county treasurer’s office had refused to provide fair-market-value (FMV) data and warning of large carrying-value declines in the county’s long-term bond portfolio was placed on file at the Nov. 16, 2022 county-board meeting. Hulme, who identified himself in the letter as a former county chief deputy treasurer and county administrator, wrote that FMV requests were denied and that “the county investment portfolio has plunged in value due to long term investments by the county treasurer.”
What Hulme said: In a statement filed with the minutes, Hulme requested the county disclose current estimated FMV and the current losses in carrying value, saying he believed the county had “plunged in value” and estimating possible multi-million-dollar…
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