WENATCHEE — Nearly $500,000 in sales tax revenues that are being used to pay off the Town Toyota Center’s debt were improperly invested, the state Auditor’s Office has determined.
The audit, released this week, found that the escrow agent hired by the arena to hold about $4 million in a reserve account for paying off the debt inadvertently invested $470,000 in a money market fund that included foreign banks and foreign corporations.
That type of investment is against state law. The Town Toyota Center and the city of Wenatchee both received a “finding” in their audits because of the improper investment.
To correct the problem, the arena’s board is in the process of hiring an investment adviser to oversee how the money is to be invested.