Published: Oct 05, 2010 3:10 AM EDT
Updated: Oct 05, 2010 12:10 AM EDT

CAPE CORAL, Fla. - Councilman Bill Deile says he is looking to make a change in a city ordinance that allowed the city's finance department to make investments using money from the city's operational fund with no outside oversight.

The 170 million dollars represents about two thirds of the Capes total operational fund of 260 million dollars. The balance of the money is in the hands of a professional investment firm.

Recently, city manager, Gary King said the city could have made upwards of three million dollars if the finance department had done a better job investing the city's money.

For the first time in more than five years, an audit was performed on the finance department's investing practices. Several anomalies were discovered. Some that even go against Florida State Statutes. For instance, Cape Coral city auditor, Dona Newman says the last cash flow report was done in 2005 using 2004 data.

Councilman Deilie says he is sponsoring an ordinance that will require the city auditor to audit the finance department's future investments.