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IAC approves contract changes, sets quarterly oversight schedule
Summary
After debate and legal caution, the Investment Advisory Committee approved amendments to vendor contracts and set quarterly meeting dates for oversight; no public comment was taken and the meeting adjourned at 3:21 p.m.
The Lorain County Investment Advisory Committee recorded two formal resolutions and vote tallies at its Feb. 10 meeting. First, the committee amended Resolution IAC-25-01 to change termination/start dates for vendor contracts; the amendment passed on a 3–2 roll-call vote (Moore, Gallagher and Riddell in favor; Talarek and Orlando opposed). The committee then passed Resolution IAC-26-02 to enter an agreement with Westminster Financial Advisory Corporation effective April 1, 2026, by the same 3–2 tally.
Commissioners and legal counsel discussed whether the proposed advisor met statutory and policy requirements. Chair Daniel J. Talarek reminded members that "the county investment policy states the county cannot have a broker as an investment advisor," underscoring a recurring policy tension. The committee scheduled quarterly meetings for May 26, July 28, Oct. 27, 2026, and Jan. 26, 2027 to provide ongoing oversight and receive updates on the transition.
