OC CEO Defends Stripping Elected Treasurer of $17 Billion Investment Pool

Orange County’s apical enforcement has doubled down connected taking power of implicit $17 cardinal successful investments from elected Treasurer Tax Collector Shari Freidenrich. 

At the aforesaid time, Freidenrich this week is appealing straight to region supervisors successful backstage connected wherefore they should springiness her backmost concern power.  

The clash comes aft a contentious oversight gathering past Wednesday wherever CEO Michelle Aguirre repeatedly praised Freidenrich’s 2nd successful bid and told oversight committee members their relation was nary longer applicable moving into 2025. 

In a little interrogation that she chopped abbreviated close aft that meeting, Freidenrich said she doesn’t cognize wherefore supervisors took distant her concern powers, declining to remark connected the issue. 

“They tin determine to delegate it,” Freidenrich said. “It’s their right.” 

Aguirre defended the county’s handling of the concern excavation astatine the Jan. 29 region Treasury Oversight Committee meeting, telling committee members they were “nitpicking,” erstwhile they pointed retired the region doesn’t presently person an concern argumentation oregon capable oversight.

“What I’m proceeding contiguous sounds similar the satellite is ending and we person nary (investment argumentation strategy) and everybody’s conscionable going rogue,” Aguirre said. “That is not our situation.” 

But Aguirre didn’t accidental wherefore the determination was necessary, noting repeatedly successful nationalist that Assistant Treasurer Dana Schultz was continuing to legally put the wealth based connected past year’s expired guidelines successful the lack of a caller program from the board.

When asked if Aguirre inactive had assurance successful the treasurer aft the meeting, region spokesperson Molly Nichelson referred reporter’s to Aguirre’s comments wherever she praised Schulz and did not notation Freidenrich. 

County supervisors softly took backmost power of their investments from the region treasurer astatine the extremity of past year, but it’s unclear what their agelong word plans are for investing implicit $17 billion. 

[Read: Santana: Mystery Crisis Brewing astatine the OC Treasurer Tax Collector]

Supervisors haven’t publically discussed wherefore they took power of the money distant from Freidenrich aft Aguirre removed a connection from the board’s Dec. 17 docket that would’ve fixed her support to support managing the funds. 

That enactment drew a spirited statement amongst members of the county’s Treasury Oversight Committee, 1 of respective boards acceptable up aft the region bankruptcy to assistance the nationalist support an oculus connected the county’s finances, whose members voiced concerns that they nary longer person an concern argumentation to clasp region unit accountable. 

While region supervisors took backmost power of the money they didn’t supply the nationalist with the accepted concern argumentation connection for 2025, which would laic retired however region investments are handled successful a jurisdiction that went bankrupt successful 1994 aft questionable investments and shoddy oversight of the Treasurer Tax Collector. 

That deficiency of oversight has near the panelists charged with overseeing the Treasurer Tax Collector successful limbo.  

“As an obsessive compulsive personality, I don’t similar uncertainty and gaps,” said David Carlson, seat of the committee. “At the moment, we are successful a gap.” 

Francine Scinto, different subordinate of the board, besides pointed backmost to the county’s bankruptcy successful 1994, saying radical request to cognize wherever the wealth is. 

“Is the nationalist reassured that Orange County isn’t headed connected immoderate brainsick path?” Scinto asked astatine the meeting. “We person a past successful Orange County.” 

The 2025 guidelines person not yet been created oregon voted connected by supervisors, who are expected to sermon the contented astatine their archetypal gathering successful February according to Aguirre. It is not listed connected the docket for that gathering arsenic of Tuesday. 

Right now, the treasurer taxation collector unit are continuing to put and grip the county’s $17 cardinal money according to Nichelson, but they’re doing it astatine the absorption of the CEO, not the treasurer. 

County Supervisor Doug Chaffee, who’s the caller seat of the board, said helium wanted to instrumentality implicit watching the wealth aft erstwhile Supervisor Andrew Do pleaded blameworthy to accepting bribes successful speech for redirecting contracts that were unrelated to the region concern pool. 

[Read: Former OC Supervisor Andrew Do Pleads Guilty to Bribery Scheme]

He declined to remark connected whether Freidenrich had decently managed the funds, but said helium would beryllium gathering with her successful the adjacent week to sermon it. 

“I don’t person immoderate sentiment connected that arsenic I don’t know,” Chaffee said. 

Supervisor Vicente Sarmiento said it was successful the “best involvement of the County,” to person them reappraisal investments, and besides pledged to conscionable with Freidenrich to sermon the shift. 

“This is an indispensable facet of the Board’s oversight relation successful the County’s fiscal management, and I instrumentality it precise seriously,” Sarmiento said successful a Thursday statement. 

None of the different supervisors replied to requests for comment. 

Aguirre and region auditor-controller Andrew Hamilton besides changeable down a draught of the yearly oversight study that questioned wherefore determination was nary nationalist treatment connected however the region should invest. 

“We are acrophobic that to date, determination has been nary nationalist treatment regarding the Board’s presumption of fiduciary work of the $17.1 cardinal of nationalist funds,” the projected connection signed by Scinto reads. 

That connection volition present beryllium revised down closed doors by a sheet including Aguirre, Hamilton and Scinto. 

Leon Page, the county’s apical lawyer, besides sent a missive connected Jan. 13 to the committee informing them against discussing the county’s 2025 plans and to absorption connected the past. 

“I recognize that aboriginal questions whitethorn originate with respect to the (committee’s) ongoing relation successful providing oversight implicit the Treasurer’s investments,” Page wrote. “I urge the (committee) stay diligent arsenic the Board prudently considers its adjacent steps.” 

Carlson questioned that letter, asking what their relation would beryllium present if they weren’t overseeing the concern pool. 

“I deliberation our satellite changed connected January 13,” Carlson said. “As a marque caller seat this was a small spot disconcerting due to the fact that it near successful limbo what our responsibilities are.”

Aguirre made it wide that moving forward, the committee would not person the powerfulness to oversee the county’s investments unless the committee of supervisors gave it backmost to them. 

“There is nary oversight by the treasury oversight committee of 2025,” Aguirre said. “The concern authorization is with the board…there is nary oversight by (the committee).” 

Carlson asked if that was the champion mode guardant for a region that’s faced repeated questions implicit its fiscal health. 

“Currently, determination is nary oversight by this committee,” Carlson said. “Has the satellite truthful changed that determination is nary request for oversight?” 

Noah Biesiada is simply a Voice of OC newsman and corps subordinate with Report for America, a GroundTruth initiative. Contact him astatine nbiesiada@voiceofoc.org.