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County has paid for investment training | Letter
Thank you for printing my previous letter concerning market value losses suffered by Island County related to investment strategies of the current treasurer.
Since publication, I have learned from the Auditor’s Office that the finalized entry documenting the market value loss for 2013 was in the amount of $1,125,784.
Apparently the original loss of $1,700,000 communicated by the treasurer in May has now been revised by her to a lower figure.
In addition to the $1.125 million market value loss on county investments, realized gains of $10,732 on two sales and realized losses of $38,154 on nine sales occurred for a net loss on county investments of $1,153,206 for 2013.
These are unaudited figures.
Ana Maria d Nunez stated in the League of Women Voters’ forum on July 10 that the market loss was revised to $350,000. That was clearly false, and that was the point of my original letter to the editor last week.
I suggested in my letter that she claim responsibility for the loss, but during a recent forum held by Island County’s “Old Goats,” she revised the loss figure to $1 million and has instead attributed the loss to “market conditions.”
Her investment strategy of purchasing longer term securities to earn higher interest income in a low interest rate environment put the investments at risk of market value loss if interest rates rise, which is exactly what happened. The county has funded thousands of dollars on investment training for Nunez, but she still refuses to take responsibility for her failed strategy and this loss.
I am asking that the local media publish this update to my letter of last week because I want to make sure the public has updated and corrected information related to the loss numbers recorded by the current treasurer.
Anyone is welcome to contact me for a copy of my public records request showing the figures above; please use the information in this letter to make informed voting choices.
Candidate for Island County Treasurer