New Castle County money transfer examined

NEW CASTLE, Del. (AP) — The New Castle County auditor is examining the transfer of $92 million of the county government’s reserve account to the United Bank of Switzerland.

The News Journal (http://delonline.us/1AoSaC9 ) reports the transfer was made shortly after New Castle County Executive Tom Gordon took office in November 2012.

Auditor Bob Wasserbach says he’s reviewing whether the County Council should have voted on the transfer or whether it should have been put up for a public bid.

Chief Administrative Officer David Grimaldi says he cleared the move with the county law office first. He says the transfer was legal and fiscally sound. He says the United Bank of Switzerland has saved the county about $400,000 in fees in two years and has placed the money in less risky investments.

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Information from: The News Journal of Wilmington, Del., http://www.delawareonline.com

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