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County manager seeks revival of investment committee; auditors request clarification on mill levy disbursements
Summary
Manager J. Jordan Barela proposed reviving Torrance County's investment committee to craft an investment strategy for growing PILT revenue and reported auditors requested additional documentation about prior mill levy disbursement corrections; staff expect to finalize audit work by mid/late January.
County Manager J. Jordan Barela told commissioners he wants to revive the county's investment committee (board of finance) to create an investment strategy as PILT and other revenues grow. He said the prior 2019 resolution that established a five‑member committee (Manager, Treasurer, Deputy Treasurer and two public members) should be updated with appointment procedures and qualification criteria.
Barela said the aim is to improve oversight of county investments and possibly engage an external portfolio manager if appropriate. "We want to revive that and get that started," he said, adding that staff will return with recommended changes to committee composition and procedures.
Barela also provided an audit update: auditors completed an exit conference and requested additional information about historic mill levy distributions that had been misallocated during a software conversion; staff are working with the county's vendor to resolve the calculation and expect to submit the final audit package to the State Auditor by late January.
