NCT: ENCINITAS: City investments in good shape
City Treasurer and investment officer Jay Lembach reported to the Encinitas City Council on Wednesday night that the city's investments are remarkably secure despite dire economic times not seen since the Great Depression.
"I can assure you that our monies are extremely safe," he told the council, adding that even in light of the current credit crisis, the city did not lose any of the principal on its investments during the last fiscal year.
In fact, Lembach said, the city earned more than $4.6 million on its investments, or a return of 4.91 percent, for the fiscal year ending in June.
After the meeting, Lembach said that the current economic climate is the toughest he has seen during his 14 years in the city's finance department, adding that he is proud of the performance of the city's investment portfolio.
"There are any number of agencies which have lost significant money from investing in Lehman Brothers and AIG," he said.
But not Encinitas, which has a $102 million investment portfolio held in a state treasurer's fund for local agencies that uses government bonds and money market funds.
*The Encinitas Taxpayers Association gave credit to city treasurer Jay Lembach back in August, link.
Who else thinks that Jay Lembach should run the city finances instead of Jennifer Smith?
At the time Jennifer was promoted by Kerry Miller, Jay almost left the City. And, IMHO, for good reason. He has been with the City some 20 years, he also has a CPA license, something Jennifer did not have at the time she was promoted. So, why was she promoted? So many questons, so few answers. I would put my name on this, but given the nature of this particular post, Iam afraid I will have to leave it off. Sorry about that. I usually don't,as I also belive that those of us who actually KNOW something should put their names behind it. in this case, it could be damaging to some people that I truly respect.
ReplyDeleteJay is too busy working as a consultant for an orange county agency.
ReplyDeleteA newspaper article reviewed how cities invest their money. The money funds that Encintias invests in are avoided by some cities. One comment in the article was that one of the money fund groups was called a black hole because investors aren't given the identities of the stocks. Encinitas is 50% invested in these unknown stocks.
ReplyDeleteJay is working thre because he was not allowed to work here. Ask Jerome and Jim. They have an idea.
ReplyDeleteThe orange county agency gets their financial reports on time. Encinitas doesn't.
ReplyDeleteI thought Jennifer Smith was Glenn Sabine's girlfriend and that's how she got the job.
ReplyDeleteWhy doesn't someone just ask how she got the job instead of speculating? She used to be Glenn's girlfriend. Not sure anymore. She also suposedly had a little thing going with Kerry.A while back she took several months off due to medical reasons. So her positon has a lot of "special reasons" perhaps? Is she qualified for the job? Take a look at her application and see for yourselves. It is under the Freedom of Informaiton Act.
ReplyDeleteNCtimes will not allow any comments other than supporting Stock and bond.
ReplyDeleteJerome Stocks and James Bond's legacy will be their implementing the huge pension and health care benefits for every City Employee for life that will sink the City's finances. This huge liability alone is the biggest cost that the City has to deal with… Its going to cause major pain as early as next year.
The newspaper headlines will read, “Jerome Stocks and James Bond sold out the Encinitas Residents for the sake of Union interests”. Jerome and James are talking like Bush before all went to shit. The same will happen in Encinitas.
You both should be run out of town.
"I can assure you that our monies are extremely safe," he told the council, adding that even in light of the current credit crisis, the city did not lose any of the principal on its investments during the last fiscal year.
ReplyDeleteWhy does that do nothing for my confidence? Thats what our President said about the economy. Thats what all Financial managers say about their portfolio. Why would he be any different?
The liability of staff salaries and pensions are unsustainable. By next year, the issue will be out in the public view. But by the then the election will be over.
So we now get to give the employees another 14 % with their fat pensions to sink us further in the hole. Our City will have no free money next year for any projects. Watch how the City tries to preserve staff jobs over building projects. Jerome Stocks and Bond just buy every comment hook line and sinker. Because they really don’t understand City finances anyway.
Yeah, our monies are safe. But it's little consolation when everything will cost 4 times as much soon.
ReplyDeleteThis thread reminded me of my post that JP titled, "What are they trying to hide", especially anon 1:47's question.
ReplyDeleteRead the whole thing (you might have to splice the link together):
http://leucadia.blogspot.com/2006/08/what-are-they-trying-to-hide_11.html
Here is a blurb (I guess) I posted:
When a lot of rumors started flying about some of the directors I wasn't going to just believe that this Council had provided adequate oversight [in hiring them]. I tried to get the facts for myself, and I didn't blog about this issue until yesterday's post.
The City denied the public's requests for information (It turned out that I wasn't the only one asking). It did heighten my curiosity when they did that.
Read the post and know that the city still has not complied with the request.
Get to the point Kevin. what are you saying. Be Specific because I don't understand your point.
ReplyDeleteIt is not clear, but I think I get it. There are two points. People have tried to find out how Smith got hired and read the old post.
ReplyDeleteI don't need to read. Smith got the job from Boning.
ReplyDeleteThe rest is history. Like the City Attorney.
Jennifer Smith got the job long before Kerry Miller arrived. When Miller was hired, he wanted to send a message to assistant city manager Jim Benson and Alan Archibald the head of Engineering that they would no longer be in control. He looked around and chose Jennifer Smith to be an assistant City Manager because, aside from Dave DeCordova, she was the smartest employee in the city, and soon Benson and Alan Archibald were gone.
ReplyDeleteWhen Miller couldn't keep his hands off the produce, the SAME reason he had had to leave Tahoe, only there a consultant got pregnant and Miller got caught, secretly putting her on the city's payroll to pay for the child, Phil Cotton was promoted because he had been incredibly effective in doing everything he had been tasked so far.
Nobody ever questioned Jay's competency.
It was only after her divorce that Smith began dating the City Attorney. They are no longer an item.
When Miller could no longer control Houlihan, the boys showed him the door.
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ReplyDeleteTo anon 801, my comment could have been better.
ReplyDeleteTo anon 626, people were not interested in how she originally got hired into the city. She is clearly an important asset for the city. People were interested in how and why the city's directors were being chosen.
Smith was not director of finance when Miller came to town.
She is a nice looking ASSet.
ReplyDeleteShe can pick my pocket anytime.
I like her and think she does a good job.
Long, Stocks: "Is that a developer's check in your pocket or are ya just glad t' see me?"
ReplyDelete