City Council investigates missing $1M transfer with Wells Fargo and New First statements

The City of Brookshire City Council convened on May 1, 2025, to address critical financial discrepancies involving the city's banking relationships and fund allocations. The meeting focused on the investigation into a missing $1 million and the complexities surrounding the city’s accounts with Wells Fargo and New First Bank.

The discussion began with council members expressing concerns over the transfer of funds. An initial review indicated that while $4.7 million was successfully transferred to New First Bank, the whereabouts of the $1 million remained unclear. Council members pressed for clarification on the transaction, emphasizing the need for further investigation to determine where the funds had been allocated.

A key point raised was the lack of access to Wells Fargo due to restrictions imposed by the previous administration. The current administration has recently established contact with Wells Fargo's relationship manager, who is working to update account access for authorized personnel. This limitation has hindered the council's ability to obtain detailed transaction records necessary for a comprehensive review.

The council highlighted the importance of transparency in this process, with members insisting that all financial information, whether positive or negative, should be disclosed to the public. The discussion also touched on collateralization practices with BNY Mellon, which manages funds exceeding $250,000. Reports indicated that Wells Fargo had been collateralizing approximately $4.3 million, although discrepancies in reported amounts raised further questions.

As the meeting progressed, council members reiterated the urgency of resolving these financial issues, stressing the need for clarity and accountability. The council plans to continue its investigation into the missing funds and the overall financial management of the city, aiming to restore public trust and ensure proper oversight moving forward.