From Thursday on, the county's longtime financial adviser and investment portfolio manager,
Burpo will continue as financial adviser to the county commission and administration.
The county has had contracts with Burpo since 1999 to perform both functions. But in light of problems
"You can't work for the treasurer and the board of finance because, if there's a conflict like in
Interviewed Friday, Burpo said he has had ongoing disagreements with Montoya since she took office in
Rios said he issued a request for proposals in March for the adviser job and signed a new contract with Burpo in April for that work. Rios said he wanted to end the portfolio management contract at the same time but held off because the treasurer said she needed more time to find a new portfolio manager.
Rios said he and Burpo mutually agreed on Thursday to end his portfolio management duties.
On Thursday evening, the commission met as the board of finance, where they heard a report from Montoya. She expressed frustration over her communications with Burpo related to transferring
After the meeting, Montoya told reporters that Burpo had liquidated the assets without communicating with her.
"That's not the way of doing business when you are dealing with this type of liquidation," she said, adding that she should have had the opportunity to explore other options without incurring losses.
Rios said he would look into the details of the transaction. He said refinancing the deal Burpo arranged to refinance the bond debt will save the county
Burpo believes Montoya did not understand the effect a change in interest rates had on the bond value.
"Markets go up and down -- that's it," Burpo said. "She's never quite understood the fact that interest rates have a direct impact on your investment portfolio. That's going to happen."
Burpo said he strongly disagrees with the analysis Montoya presented to the commission this week. He will present a report to the commission within a few weeks.
"We're going to dig into this a little deeper and see what exactly went on. I get a feeling that things are not right," Commissioner
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