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Questions arise over details of money move
May 22, 2012 7:40 am
Questions have arisen over the process followed by Columbia County Treasurer PJ Keeler to move millions of dollars in county funds from Bank of America to the Bank of Greene County last month, according to Nathan Mayberg, writing for the Register Star. By the time the Board of Supervisors authorized the new county bank account, as required by law, Mayberg writes, that new account was already established and contained at least $14 million of the $50 million marked for transfer. Spokesmen for the New York State Comptroller’s Office confirmed the board must designate the banking institutions used as depositories for county funds, as received by the treasurer. The first deposit was made March 2; Keeler initially sought approval for the new account from the board Finance Committee a full month later, on April 3. The Bank of Greene County was approved as a new depository by the full board, April 11. Keeler told the paper the process of informing the BOS of the intention to open a new bank account, was “just a formality that has to be done on an annual basis.” The county expects to save $70,000 to $100,000 annually with the Bank of Greene County. The Columbia County Treasurer is an elected position. Keeler began his first term in January. Read the full story in the Register Star.