Shreveport city council to consider dropping financial advisor - KSLA News 12 Shreveport, Louisiana News Weather & Sports

Shreveport city council to consider dropping financial advisor

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SHREVEPORT, LA (KSLA) -

Friday's Shreveport City Council meeting could be surrounded in controversy. In addition to tackling the drawn-out battle over bringing a dog park to the city and the proposed repeal of protections for those in the LGBT community, council members will also have to consider whether to renew the city's contract with the current financial advisor, Grigsby and Associates.

According to a news release from the mayor's office, Calvin Grigsby was hired during the city's financial crisis of 2008  "to guide the city through this financial maze." Mayor Cedric Glover is quoted as saying that "Grigsby saved this city millions." 

However, "Shreveport can do much much better in the way of a financial advisor," according to political analyst Elliott Stonecipher. Stonecipher says the city should cut ties with the financial group. He points to a troubling past, most recently $53,000 in overcharges to the city for work on the 2011 bond issue. 

The mayor's office says this money has recently been placed in an escrow account to settle the matter. 

According to the Louisiana Secretary of State, the corporation was placed on inactive status on Tuesday. City Communications Director Rod Richardson said he was "unfamiliar with this information."

According to FINRA, an organization that regulates financial companies, Grigbsy and Associates is no longer registered.

KSLA News 12 reached out to Grigsby and Associates for a comment but so far, there has been no response. 
The city council meeting is scheduled for Friday December 20, 2013. 

Copyright 2013 KSLA. All rights reserved.

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