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Committee discusses raising official bond minimums after treasurer loss; asks counsel about legal minimums
Summary
Members discussed increasing official bond amounts for officers such as the treasurer after a commissioner cited a prior $3.7 million loss from the treasurer's office and proposed a $4 million minimum; counsel said staff will check statutory requirements and the current ordinance.
During discussion of Section 1,200 (official bonds), commissioners raised the city's prior audit findings and a past major loss from the treasurer's office as reasons to strengthen bond requirements. Commissioner Marquez said "in 2017, 3,700,000 walked out of the treasurer's Office" and proposed setting a minimum bond of $4,000,000 to protect the city.
Special counsel Travis Kaya said he would need to review state statutes and past ordinances to determine minimum legal requirements and how bond amounts have been set historically. Staff agreed to locate the current bond ordinance and to report back with recommendations that would ensure the city's bond amounts align with state guidance and recent audit recommendations.
No formal charter language was adopted at the meeting; the committee recorded the recommendation for staff and counsel to research bond amounts and to return with more precise legal and factual information.
