Updated: 11/26/2013 5:40 PM | Created: 11/26/2013 2:37 PM
State Auditor Hector Balderas released a financial audit Tuesday showing the Bernalillo County Treasurer's Office violated state law, county investment policy and ethics requirements related to the management of county investments.
The audit findings reveal significant violations and deficiencies in County Treasurer Manny Ortiz's handling of millions of dollars in securities purchases and management of investment liquidity.
Additionally, auditors found Ortiz failed to comply with state law and county investment policy when holding and documenting meetings of the County Investment Committee.
The audit also highlights other violations of county policies, including a former investment officer's improper receipt of a $2,500 campaign contribution.
"These audit findings show that public officials who are entrusted with taxpayer funds violated their fiduciary duties imposed by state law and County policies," Balderas said. "The County and appropriate oversight agencies must review the auditors' recommendations and take immediate corrective action to restore public confidence in the Treasurer's Office."
The entire fiscal year 2013 Bernalillo County financial audit report can be accessed on the Office of the State Auditor’s website, at http://osanm.org/audit_reports/detail/8286.