I must be in the mood for beatings tonight, but here goes. I really am getting of tired of people that love to blame our budget problems and everything else to do with money on the City Treasurer . The City Treasurer is really the glorified keeper of the checkbook for the City of Hartford.( Sorry Adam)
The definition of the Treasurer's position is below, directly from the Hartford City Charter. No where will you find in there that he is responsible for the City's budget, allocating money to departments(other than paying their bills when properly requested) or any other financial responsibilities. I am sure he can (and probably does) make financial recommendations, but no one is bound to accept them. That is the Council's function as the fiduciary body for the City. Probably one of the largest and most important roles of the Treasurer is managing the Pension fund and heading the Pension Commission.
You may not like the Treasurer, but read the section below before commenting on so called " wrong doing"
Sec. 1. - City treasurer.
There shall be a city treasurer, who shall have the powers set forth in this Charter, or as otherwise provided by law.
(a)
Duties. The city treasurer shall have the following responsibilities, as well as any others set forth in this Charter, the General Statutes or by ordinance:
(1)
Custodian of city funds. Except as otherwise provided in or pursuant to any of the provisions to which reference is made in subparagraph (4) below, the city treasurer shall have custody of, and shall disburse, all funds belonging to the city and shall deposit the same in one (1) or more authorized public depositories. For purposes of this chapter, an "authorized public depository" shall be any bank and/or trust company that qualifies as qualified public depository under and pursuant to the General Statutes to the extent the same has been designated as such by the council on the recommendation of the mayor, following consultation with the city treasurer.
(2)
Treasurer of town deposit fund and capital improvement funds. Investment responsibilities. The city treasurer shall have custody, and shall be treasurer, of the town deposit fund and the capital improvement fund as well as any trust or like funds which are established by or under this Charter or the General Statutes for any eleemosynary purposes by or for the benefit of the city of Hartford, its residents or any of its public parks, buildings or other improvements. In that capacity, the city treasurer shall have authority to invest and reinvest the assets of all such funds in cash, securities and other investment instruments and/or vehicles which are legal for the investment of trust funds under the General Statutes, consistent with the fiduciary and other standards set forth in the Connecticut Uniform Prudent Investors Act. Nothing herein shall be construed to prevent sinking funds and trust funds from continuing to be managed by the trust companies managing them at the effective date of this Charter, unless the appointment is revoked by the council for cause. Whenever a vacancy occurs in the management of any trust fund, or any trust fund is hereafter created, the council shall have power, on the recommendation of the city treasurer, to designate one (1) or more authorized public depositories to manage the same, which designation shall continue until revoked by the council for cause.
(3)
Disbursements. The city treasurer shall make no disbursement from any funds of the city except by check or electronic transfer signed or authorized by the city treasurer. Each check or transfer shall be based upon a voucher or payroll duly audited by the director of finance. Before signing any check or authorizing any transfer the city treasurer shall be satisfied that such check or transfer represents the payment of a duly authorized obligation of the city. The city treasurer shall keep such books and records as the director of finance shall prescribe. The city treasurer's official bond shall be a surety company bond in an amount sufficient to satisfy the requirements of the General Statutes and the ordinances.
(4)
The role of the city treasurer with regard to city pension funds. The city treasurer shall have the specifically delineated responsibilities pertaining to the care, custody and investment of the assets held in various of the pension and retirement funds that are maintained on behalf of current and/or former city employees and their beneficiaries, and such powers incident to such responsibilities (including the power, upon approval of the pension commission, to invest and reinvest the same and to enter contracts with qualified custodians, investment advisers and life insurance companies) all as and in the manner referred to in Chapter XII of this Charter.
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29 comments:
If that glorified checkbook keeper didn't come forward publically with how bad the checkbook was out of balance he was in on it. The only thing that he could figure out was that he needed a hefty raise for himself. Just the fact that he tried to pull that fast one should have him gone. If a department head found a way to attempt that Kevin you would call for their head.
If you think back, I did, and Henry Burgos is now gone.
Is one of the duties of Treasurer to issue $665,000.00 checks to insurance agencies who absconded with said funds?
Please answer this screaming little question, Kevin.
yes, that was one of his duties. did he follow procedure? absolutely not. did the city lose anything on that? not one penny. Was O'Garro brought to justice for his fraud? yes, and primarily convicted on Adam Clouds testimony
So turning into a rat saves your job!, despite your dishonorable intensions. Let's not forget the personal pay raise attempt in these dyer times of need. Obviously treasurer Cloud didn't think that the city was in that bad of a situation. Or if he did , he just didn't care. Either way he needs to be one of the first to go!!!
Perhaps your assessment of the treasurer is correct, however this information from treasurer.hartford.gov sounds like the treasurer is directly responsible for debt and investments. Please take a look and see if it changes your opinion about being a check writer.
"The Hartford City Treasurer is an elected official who, pursuant to the Charter of the City of Hartford, is the custodian and investor of all City funds. As City Treasurer, Mr. Cloud is responsible for an investment portfolio of approximately $1 billion dollars. He also administers the City’s deferred compensation program and its pension benefits. He serves as co-issuer with the Mayor of all City bonds and he invests and disburses City trust funds. He oversees the City’s banking services, including investment of the City’s $540 million budget."
The relations and connections between the Clouds and the O'Garros MUST be investigated!
it has been and O'Garro has been arrested and is headed to prison
do you see anything there that makes him responsible for budgets ?
Why are you still cucking for Adam? The man is a fraud. So is his brother. So is his father. Brookman stop carrying water for the Clouds.
Cloud's bond issuance decisions, for which he IS responsible, is one of the largest reasons the city is facing such a horrible deficit. He "restructured" the debt in essence pushing it out to the future for the sake of the short term. Now that decision is coming home to roost. It is Adam Cloud and his sage advice (sarcasm) that has caused the debt service to go from 10 million this year to 30 million next year. He can't blame that on Pedro, Pedro is not the finance "expert" that Cloud professes to be. $20 million hole in next year's budget is squarely on Cloud's shoulders. As for the O'Garro debacle, he is lucky the laws are written in such a way that his failure to adhere to BASIC checks and balances didn't cost the City any money, so he can't even do the glorified check writer job competently.
Cloud should have tendered his resignation in shame. This wasn't a $200 error. This was gross incompetence.
Kevin, what say you on the matter of debt ballooning u dear Cloud from 10 mil to expected 30 mil? Inquiring minds want to know.
Sorry, Kevin, you are wrong. The investigation was mainly against O'garro, it touched the Cloud family very, very briefly. O'garro was arrested indeed, but that is not the end of this. Not yet. I'm certain some members of the Cloud family are not sleeping well at night.
Kevin: Adam is not responsible for budgets. Adam IS responsible for issuing and signing checks in the hundreds of thousands of $$$ that he should have never done. Period. Just for this alone he should resign in shame.
9:34 AM
Cloud's error was a $200 error. More than 3,000 times $200 errors.
If Cloud was a union treasurer you would be saying that he has ripped off the members and should be voted out. Not given more chances , more responsibility and more power. You sound pretty hypocritical Kevin.
THE CLOUDS AND THE O'GARROS LOOK LIKE THEY ARE ONE BIG HAPPY FAMILY (AND A VERY CORRUPT ONE!)
ADAM CLOUD MUST GO. IF THEY DON"T PLACE HIM IN JAIL, THE FIRST STEP WOULD BE TO GO AWAY FROM THE TREASURER JOB.
Kevin:
Why didn't you post this the first time i submitted it? I’m a frequent reader, infrequent commenter, but I need to set you straight on our fair City’s Treasurer.
Your attempt to qualify Mr. Cloud as a mere checkbook is laughable. It is either a thinly veiled ‘fox-news-like’ attempt to minimize his past indiscretions and spin his current responsibilities, or you have drunk the Koolaid served to you by the Treasurer himself or your pal Mr. Rubenstein. For you to say that the Treasurer simply makes ‘financial recommendations, but no one is bound to accept them’ as it is the Council’s function as fiduciary body is complete BS. It is the equivalent of saying that every one of Mayor Segarra’s screw-ups was the Council’s fault (even though there is much blame to be given).
His position is powerful and highly susceptible to corruption. He has the power to direct and invest our funds. This means that with the swipe of a pen, he can make his investor pals rich off broker fees and commissions alone when he decides to ‘write the check’ to the bank of his choosing. This duty is clearly laid out in the Charter language that you quote in your article.
While the Treasurer isn’t directly responsible for the ‘budget’ in as much as he controls the portion of it that relates to his office, it is disingenuous to say that he has no responsibility for the ‘budget crisis’. The mismanagement of pension funds, poor investments, refinancing of bond debts to kick the can down the road, were all on his shoulders. We are looking at something like 10m, 30m, and 50m (m=million) increases in debt service in the upcoming years, and who is managing that debt??? Your buddy.
I would not be surprised if part of the reason for the state takeover is to get true oversight of his bad behaviors and get real control over our finances. The ones who have control of the money are the ones who have the power, just look at where all our money goes … the Wall Street investment banks have destroyed the middle class by controlling our money, sucking fees off investments and manipulating the stock market to benefit themselves.
Lastly, please get off the Cloud-Rubenstein love boat, it is going down and it makes you look bad. Your analogy of Rubenstein being a pit bull is actually right on. He will ‘attack’ everything but the guy holding the leash ... Mr. Cloud. He is holding back the Commission from doing its job. One reason why Cloud is still there is because the Commission didn’t have the balls to properly investigate him. You basically say that he was exonerated from all those O’Garro payment issues, but that’s not true, and there are plenty more: questionable uses of P-card, conflict of interest with family employees, abuse of his elected position for personal gain ... the list goes on ...
12:27PM
I don't think my opinions are hypocritical, but even if they are , at least I have the guts to put them out there under my name and not hiding as "anonymous". what about you?
That is the Council's function
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The City's fiscal problems, i.e., that it hasn't enough money to pay for its extant promises, are entirely the result of decades of mismanagement in the name of social justice. The difference between Hartford in 1960, say, and Hartford in 2016 is that the middle class is now virtually entirely absent, and the City has become a one-party progressive ghetto. Can't blame Adam Cloud, regardless of how cloudy his management technique. The problem is a function of our electorate's appetites and the ambition of Democratic Party pols.
Cloud's disposition has changed regardless of what the City Charter states. Why is he arrogant and not trust worthy? Is his Deputy qualified? Why is she arrogant? Did she have any right running and looking for votes during working hours prior to the last election? Hartford a Rising Star! Go Hartford!
Kevin, the comment at 1:40 seems to be your "go to" card lately. I've said this before several times, but you wont post it!!!! Just remove the ANONYMOUS option!!!!! But you know and I know that would be "The End" of this site as we know it !!!! PLEASE POST
Kevin,I respect and thank you for posting my remark at 2:31
Kevin, it seems that you are getting your panties in a bunch these days. You have quite a few honest comments to respond to Mr Brookman if you want to be fair. And the last comment (@2:31) is quite correct that removing the anonymous option will end your blog comments so so re comment wasn't the thing to say.
Back to topic; I believe that you are giving Mr Cloud a pass. He writes a check for that amount then pleads that it wasn't his fault is like saying that I give financing to a vicious street gang and they go off and shoot up the town. Not a perfect analogy but he is definitely guilty of negligence even if only in a passive way.
You are loosing browny points when you plead innocent on something like this. You probably won'tpostthis but I expressed my opinion.
Signed; Pedro Segarra, Gost Mayor of Hartford
PS: I took more money out ofHartford than Adam has taken. He is simply my trainee.
Like it or hate it, ADAM CLOUD IS A CROOK, sucking Hartford's blood. Get rid of him.
Looks like almost no one agrees with you Brookman...about Adam Cloud that is.
The facts are talking, Adam Could fit perfectly with the Segarra administration. Hopefully Adam will soon join O'Garro in his new residents, you know, wearing orange clothing.
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