$472,060 for County

By Criss Candelaria, Apache County Attorney
Katherine Arviso, Apache County Treasurer

Criss Candelaria and Katherine Arviso recovered nearly half a million dollars for the County's investment program in early 2006.

When Ms. Arviso took office in January 2005 she began to make inquiries about the county's investment program and the over $60 million held with a broker. The money is from all of the different taxing districts, mostly school districts, and about ten per cent belongs to the County. As Ms. Arviso began to accept invitations from competing brokerage houses wanting to handle this money, she received a check from the broker for $274,060 with an explanation that it was a refund for being overcharged for commissions.

Ms Arviso turned to Mr. Candelaria for assistance in evaluating the account and why such a large amount would be refunded. Upon review of the investment transactions it became apparent to Mr. Candelaria that the refund was insufficient and did not fully compensate for the overcharging. The County Attorney, with the approval of the Board of Supervisors, led negotiations with the brokerage firm which resulted in the recovery of an additional $225,000 from the firm. All told, the County received $474,060.

Ms. Arviso changed brokerage firms, and has significantly increased the income to the County. Additionally, with the assistance of the County Attorney, Apache County for the first time adopted a written investment policy and procedures.

© 2008 Criss Candelaria