County treasurer and manager need to put aside differences and work together
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Tuesday’s presentation by Doña Ana County Treasurer Jim Schoonover to the commission about the county’s investments felt more like a Congressional impeachment hearing. Schoonover and the county’s contract investment advisor, former State Rep. Robert Burpo, answered tough questions from the commission for almost two hours about how the county’s money is invested and how Schoonover hired Burpo. Commissioners expressed three concerns: ● Though income from interest on investments has increased since Schoonover took office in 2005, a few mistakes have been made that resulted in less being made than was possible. ● Commissioners expressed varying degrees of concern about how Burpo was hired, with one saying there was at least the appearance that he was improperly pre-selected for the job. ● Many locally owned banks have been cut out of the county’s investments because Schoonover has begun requiring them to secure the money at a rate of 102 percent, making it impractical and in some cases impossible for banks with smaller amounts of capital. Continue Reading