January 22, 2022 Breaking News, Latest News, and Videos

Santa Monica City Council Endorses 2013 City Investment Policy:

Consistent with State law, Santa Monica reviewed its City Investment Policy at the City Council’s Feb. 26 meeting.

There was not much of a discussion, however, at the meeting itself, as Council members unanimously approved the City Investment Policy earlier this month as part of its consent calendar. The item was not pulled for discussion so it was passed with a collection of other consent calendar items.

As is the case each year, the City Investment Policy covers current investments in fossil fuel companies and outlines various objectives of how City Hall may spend its money.

The policy officially reads: “It is the policy of the City of Santa Monica (City) to invest public funds in a manner which will safely preserve portfolio principal, provide adequate liquidity to meet the City’s cash flow needs, and optimize returns while conforming to all federal, state, and local statutes governing the investment of public funds.”

With investment come divestments. Accordingly, City Hall has confirmed its current investment policy does not include any investments in fossil fuel companies.

“While the City portfolio does not have any current investments in fossil fuel companies, the Cemetery and Mausoleum funds (the trust funds holding funds paid by customers at the time of internment) do,” City staff added. “Although these funds are not truly City funds, the Council is responsible for setting the guidelines for their investment. Investments have followed and continue to follow the City’s guidelines for socially responsible investing.”

According to City staff, about 10 percent of Woodlawn’s portfolio – nearly $1 million – “is currently held in firms that could be classified as fossil fuel companies generating $30,000 -$40,000 annually in interest and dividend income.”

“Under divestment, these investments would be replaced with investments in other sectors. However, it should be noted that reducing portfolio diversification could increase portfolio volatility, and in the long term, could result in a decrease in the total return of the portfolio,” City staff added.

Woodlawn currently generates about $400,000 per year for perpetual care services, according to staff.

“Staff recommends that the City divest from all investments in fossil fuel companies as defined by the 350.org guidelines. This divestment would be made as soon as possible without fiscally impacting the Cemetery and Mausoleum Perpetual Care funds, but in all cases would be done within two years,” City staff stated. “No further investments would be made in fossil fuel companies in either the Cemetery and Mausoleum Perpetual Care funds or any other City investment portfolio. The City’s Investment Policy would be amended to reflect this action.”

The City Investment Policy also outlines the priority order of investment objectives; investments in safety initiatives are the highest priority, followed by ensuring the investments are liquid. The rate of return on investments is a tertiary priority.

in News
Related Posts

Preliminary Injunction Granted to Halt Demolition Of Parking Structure 3

January 21, 2022

January 21, 2022

January 24 hearing set following LA Superior Court Judge ruling By Dolores Quintana The Santa Monica Bayside Owners Association’s (SMBOA)...

Westside Home Prices Rising?

January 21, 2022

January 21, 2022

Redfin report shows 11.1 percent increase in median home prices By Dolores Quintana Are Westside home prices rising?  On the...

Film Review: “Don’t Look Up”

January 21, 2022

January 21, 2022

FILM REVIEWDON’T LOOK UPRated R138 MinutesReleased December 24th As with other Adam McKay movies, such as Vice and The Big...

Anti-Vaccine and Mask Rally Coming to Santa Monica This Weekend

January 20, 2022

January 20, 2022

Ocean Avenue protest will draw 300-400 people Saturday By Sam Catanzaro 300-400 people are expected to attend an anti-vaccine and...

Popular Taco Spot Coming to Santa Monica

January 19, 2022

January 19, 2022

Tacos Tu Made opening in former Obica space By Dolores Quintana A popular taco spot is opening its first Santa...

Arrest Made in Murder of Brianna Kupfer

January 19, 2022

January 19, 2022

Shawn Laval Smith in police custody By Sam Catanzaro Police have arrested a man suspected of the murder of Brianna...

Police Say Suspect in Brianna Kupfer Murder Case Has Been Seen in Santa Monica

January 19, 2022

January 19, 2022

UPDATE: Shawn Laval Smith, the suspect responsible for the murder of Brianna Kupfer is in custody, after being located and...

160 Santa Monica City Employees Have Confirmed COVID Infections

January 19, 2022

January 19, 2022

Public Works employees record most cases among workforce By Dolores Quintana Among Santa Monica city employees there are a total...

Effort to Recall LA City Councilmember Mike Bonin Falls Short

January 19, 2022

January 19, 2022

Final tally 1,350 signatures short of required amount  By Dolores Quintana The group that attempted to recall Los Angeles City...

World’s Largest Wildlife Crossing Set to Break Ground

January 18, 2022

January 18, 2022

Crossing over the 101 Freeway set to break ground this spring By Sam Catanzaro The world’s largest wildlife crossing will...

Santa Monica Unified Among Top School Districts in California

January 18, 2022

January 18, 2022

SMMUSD earns high marks in Niche survey By Sam Catanzaro The Santa Monica-Malibu Unified School District (SMMUSD) is among the...

Los Angeles Homeless Count Postponed Amid COVID-19 Surge

January 18, 2022

January 18, 2022

LAHSA count to take place February 23 for Westside By Sam Catanzaro On Friday, the Los Angeles Homeless Services Authority...

Anti-Semitic Fliers Linking Jewish People to Anti-Vaxx Movement Posted at Santa Monica Schools

January 17, 2022

January 17, 2022

Police investigation incidents at Eddison, Will Rogers, McKinley and Grant elementary schools By Sam Catanzaro Santa Monica police are investigating...

Demolition Delayed For Parking Lot 3 Due to Injunction: Santa Monica Beat – January 17th, 2022

January 17, 2022

January 17, 2022

Local news and culture in under 5 minutes.*  New Covid Policies For SMMUSD Unvaccinated Students*  Demolition Delayed For Parking Lot...

Tsunami Leaves Santa Monica Undamaged

January 17, 2022

January 17, 2022

Volcanic explosion in Tonga sends small tsunami to West Coast over the weekend By Sam Catanzaro A tsunami that reached...