ALBUQUERQUE (KRQE) – Bad investments did cause a $10 million financial hit for Bernalillo County.
Now work is underway to makes sure it doesn’t lose anymore.
The cash crunch came after County Manager Manny Ortiz tied up much of the county’s money in long-term investments.
The loss has forced every county department to make cuts.
The county has now been forced to restructure its portfolio to avoid even bigger losses.
The county says it has sold some of its investment portfolio in order to offset the losses.
That now leaves the county with $140 million in the bank.
Officials say that is more than enough to take care of the county’s month-to-month operating expenses.
There is now an effort to recall Ortiz.