Panel Charged with Overseeing City Investments Hasn't Met for 2 Years
As the city of Los Angeles comes close to running out of money, City Controller Wendy Greuel today released her annual report on all city funds in the City Treasury through June 30th of 2009. Basically, everything was in compliance with state codes. However, Greuel did point out some "troubling" findings. The Treasurer’s Investment Advisory Committee (IAC), which is supposed to provide oversight as to how the City’s funds are invested, hasn't met in more than two years. Greuel also says there is a potential for a conflict of interest because the City Treasurer recommended not necessarily including key city budget officials on the panel. "We must guarantee that there is total transparency when it comes to the investment of the City’s funds," she said.