Pappas Incompetence Costs County Taxpayers Dearly

No one is expecting big returns on investments these days, but the when dealing with large sums of money, say $30 million or more, one would expect a return in the 2-3 percent range.

That’s what is so alarming about the investments of Hillsborough County Treasurer Chris Pappas (D-Manchester).  Of the $32 million the county currently has on hand, Pappas is investing only $9.5 million with a return of two percent or more.  Another $22.5 million is earning from 0.16 to 0.20 percent.

The difference amounts to a loss of $42,750 a month ($22.5 million times 1.9 percent) or more than half a million a year ($513,000) to Hillsborough County taxpayers.

When asked by the executive committee to explain, Pappas offered the preposterous suggestion that low returns are due to the county having TOO MUCH money to invest.  Imagine that!

The explanation was so bad that Democrat Gilman Shattuck chaired a panel of Representatives to offer solutions for Pappas to increase the yield.  That was four months ago, and Pappas continues to waste county investments with yields of less that 0.2 percent.

On November 2, incompetent Pappas should be replaced by Robert Burns.  The half a million (or more) he saves will be a real boon to county taxpayers.

Sincerely,

Rep. Steve Vaillancourt, Hills 15

Evidence is available in monthly packets received by 21 State Reps on Executive Committee, presumably available to all media.