Arizona PSPRS’ Desert Troon Valuation Error

http://www.azcentral.com/news/politics/articles/20131121states-public-safety-pension-system-restate-its-financial-books.html

State’s public-safety pension system to restate its 2012 financial books

 Thu Nov 21, 2013 9:31 PM

The Public Safety Personnel Retirement System will restate its financial books for 2012, following advice from the Auditor General’s Office on a controversy regarding the reported value of real-estate assets.

The system, which provides pension benefits for police officers, firefighters, corrections officers and elected officials, said Thursday it will report that it overvalued its real-estate portfolio managed by Desert Troon Cos. by $24.7 million.

Administrator Jim Hacking said the system would correct the error though its auditor concluded it was not a material event for a portfolio exceeding $7.5 billion. Hacking in July asked the Auditor General’s Office for help after a staff dispute over whether management reported inflated real-estate values, which could have influenced bonuses.

— Craig Harris

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