ALBUQUERQUE, N.M. (AP) — The state auditor is targeting Bernalillo County’s treasurer because of worries about how the office handles bond investments and pays brokers.
State Auditor Hector Balderas said in a letter to county officials [auth] Wednesday that an annual audit disclosed problems with the county treasurer’s investments and management. Balderas said a new special audit will look at what he calls troubling risks to county funds in the coming years.
The Albuquerque Journal (http://bit.ly/1ar0NPg ) reports the special audit is latest in a series of problems for Treasurer Manny Ortiz and his investment officer, former Treasurer Patrick Padilla.
County officials say Ortiz and Padilla won’t acknowledge that actual and paper losses have put the county in a serious cash crunch. The pair have defended their bond investment practices and say they have made money.