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Council presses for tighter controls on capital contributions to outside agencies
Summary
Council members asked staff to develop a policy to secure contributed capital to outside agencies (government-backed securities or escrow-like arrangements) and to consider placing some agencies under department oversight to improve financial oversight.
Council members raised concerns about the security of taxpayer money contributed to outside agencies and asked staff to return with policy recommendations for both operating and capital funds. Council member Randy (S5) recommended that capital contributions be held in government-backed securities or a contractor-like line-of-credit arrangement until capital expenditures are presented and approved.
Randy said many local partner agencies lack formal investment policies and that the city should require conservative, government-backed custody for capital dollars. Manager Jesse agreed that staff would craft a policy and said bringing some outside agencies under departmental oversight (for example, moving a July 4 flag group under Parks and Recreation) could improve monitoring and make spending more transparent.
