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Commissioners press treasurer to find an investment advisor after prosecutor flags eligibility concerns
Summary
Commissioner Marty Gallagher said he met with multiple advisors and expected a fee around $10,000; Gavin Espinoza of the county attorney's office said a prior candidate could not be confirmed as statutorily eligible and the prosecutor would not approve as to form. The committee asked the Treasurer to continue the search and bring options back.
Commissioner Marty Gallagher told the committee he had "met with 5 advisors and brought in 2" and said "the rate to do these services should be around $10,000. If Meeders would like to do it for that price, so be it." Gallagher asked the Treasurer to locate an advisor and bring it back to the committee for consideration.
Gabe Espinoza of the Lorain County Administrative Prosecuting Attorney's office said the prior review "could not say they were eligible by statute, therefore Prosecutors office would not approve as to form," and Auditor Craig Snodgrass echoed that the eligibility question had been routed through the prosecutor's office. Treasurer Daniel J. Talarek said he did not feel comfortable approving candidates that the prosecutor would not clear. Gallagher asked the Treasurer to provide a written explanation of the prosecutor's findings and to continue the search for an advisor.
Committee members did not vote on hiring an advisor at the meeting. The discussion focused on whether an external advisor could be engaged under applicable statutory eligibility and whether the county would pay an approximate market fee of $10,000 for advisory services.
