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SDI committee presses city for answers over missing funds; council directs manager and attorney to act
Summary
SDI committee members told the council they cannot trace about $1.3 million in street reserves and said bond trades and accounting gaps reduced the fund’s value. After public testimony the council voted unanimously to direct the city manager and city attorney to respond to the committee’s questions and to bring SDI governance into compliance with municipal code.
The SDI (Subdivision Deferred Improvement) advisory committee told the City Council that documents and bank records needed to reconcile the SDI fund have been missing for years and that the fund lost value through bond 'shorting' and untracked transfers.
"We don't understand who to hold accountable," the committee's presenter said, recounting that auditors could not obtain bank statements and that $1.3 million in SDI street reserves could not be traced. The presenter asked the council to finish the forensic audit and, if necessary, make restitution to the stakeholders.
Council members and several residents repeated calls for transparency. Public…
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