Doña Ana County Treasurer Jim Schoonover will now have to work with an investment committee created Tuesday by the board of commissioners.
The seven-member committee is similar to the state investment council. Its members will include Schoonover, Manager Brian Haines and members of the public.
The commission also voted to lower the percentage of county funds that must be insured by banks wanting to do business with the county. Schoonover convinced commissioners earlier this year to change the number from 50 percent to 102 percent by telling them it was required by the state. Locally owned banks with less cash than national banks say that has effectively kept them from doing business with the county.
Schoonover says that’s true, but it ensures the county’s money is safer.
Commissioners found out later that state requires 50 percent, and changed their requirement back to that number Tuesday.
Commissioners know little more about lost interest from $20 million in county money that was allegedly not invested during two weekends earlier this year. Commissioners want to recoup the interest made during those two weekends, if there was any.
Burpo pointed the finger at others during the commission’s July 11 meeting, saying he could have invested the money if he received it by 1 p.m. on two Fridays in question. He said he didn’t know where the county’s money sat during those weekends.
The county later said bank records show Burpo had the money before the deadline both times.
Burpo has not yet provided the county with answers. He has also not returned my phone calls.
The new investment committee will be tasked with reviewing Burpo’s employment and recommending to the commission whether to retain him or seek a new investment advisor.