I am doing my happy dance.
City Council has established an Investment Committee! Thank you, Councilwomen Meyer and Krupa for your efforts forming a committee on behalf of Hemet’s taxpayers. I’ve shared concerns regarding investments under Hemet Treasurer Judith Oltman for two years.
The Investment Committee had its first meeting last week. At the meeting, it was determined there should be meetings at least monthly. The meetings are open to the public, so that everyone can know what is happening to Hemet’s 66 million taxpayer dollars under Treasurer Oltman, who was elected over 22 years ago in 1996.
You would think Treasurer Oltman does the right thing keeping Hemet’s $66 million taxpayer dollars safe. The law mandates safety. Yet, the $494,000 CD in the Bank of Hemet exceeds the $250,000 FDIC insurance. The 32 other CDs owned by Hemet do not exceed FDIC insurance – just the Bank of Hemet.
What is so special about the Bank of Hemet? Perhaps look at who is on the Board of Directors. The law requires yield be obtained after safety and liquidity. Yet, the city continues to earn $1,976 a year from the Bank of Hemet when it could earn $16,549 a year like the other CDs under Treasurer Oltman’s control. Yes, that’s correct, the taxpayer could be earning eight times more interest elsewhere than it does in the Bank of Hemet.
City Council always votes to accept Judith Oltman’s investment reports including the investments that exceed the safety of FDIC insurance or aren’t earning the best interest rates. Perhaps the council can show regard for Hemet taxpayers and find the courage to vote against the acceptance of Oltman’s investment reports for once.
I have issues and concerns with this month’s report. The city allows only three minutes time to speak at council meetings. Three minutes is not enough time to voice my issues with the portfolio managed by City Treasurer Judith Oltman. Therefore, I will continue sharing my issues with the District Attorney who has more time. As always, I am happy to work with City Council should they be interested.
Thank you. Email me at email@example.com
Sue Savage, Hemet