Call me fiscally conservative, but I’d rather put my money into a CD versus the stock market.

Who would you trust your money with – those who guarantee a return or those who only hope to taxpayers’ dollars?

According to 7th Ward Alderman Brent Keller, the DeKalb City Council recently approved $60,000 to hire the financial consultant firm Executive Partners, Incorporated. The firm will help analyze city books and make improvements to the city’s spending habits.

Those habits have caused an approximate $500,000 shortfall for the 2008 fiscal year, according to Keller.

The city finances fall under the responsibility of the city manager, assistant city manager and finance director.

“Overall, I think it’s a good idea,” said City Manager Mark Biernacki. “Anytime you get an extra set of eyes, especially professionals, it’s nice to have their set of opinions and ideas.”

Both city council members and citizens proposed hiring the firm.

“Several people in the community have called to have an independent company come and look at the finances,” Keller said.

The decision to hire Executive Partners, Inc., was based on bids submitted by companies as well as meeting certain criteria. Keller said in addition to the bids and meeting criteria, companies were interviewed by 6th Ward Alderman Dave Baker and DeKalb Mayor Kris Povlsen.

“While $60,000 seems like and is a large sum of money, I view the expenditure as an investment in our future that should be paid back to taxpayers many times over,” said Michael Peddle, a member of the DeKalb Finance Advisory Committee.

Peddle said the committee’s purpose is to advise the city council on financial matters as well as help to develop a long-term financial strategy for the city.

“I am confident that the consultants can provide the environment and information that will allow the city’s finances to be improved greatly, including greater accountability and efficiency over what they would be in the absence of the involvement of the consultants,” Peddle said.

I understand the “two steps backward, three steps forward” concept of this plan, but how can the city council and financial firm offer no guarantees of significant improvement to city finances?

“Throwing away money to a firm when we didn’t know what we’d get out of them seemed inappropriate given the financial situation,” Keller said.

He is absolutely right. In a time of debt, money shouldn’t be spent on anything less than a guarantee.