July 9, 2025 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

Santa Monica Council Votes in Support of Park-Centric Future at Airport Site

July 9, 2025

July 9, 2025

The decision followed a contentious meeting with over 140 public speakers and more than 1,000 emails received by the council...

Housing for Health Chief Appointed to Lead Unified Homeless Services Department

July 9, 2025

July 9, 2025

Veteran Housing Advocate to Oversee Streamlined LA County Services The Los Angeles County Board of Supervisors on Tuesday confirmed the...

‘Adoptapalooza’ Pet Adoption Festival Returns to Main Street This Weekend

July 9, 2025

July 9, 2025

The free, family-friendly event aims to connect adoptable animals with new owners Green Dog Dental & Veterinary Center will host...

Virtual Town Hall to Discuss Proposed Resilient Rebuilding Authority

July 9, 2025

July 9, 2025

The agency, to be run by political appointees, would manage permitting, development, zoning, and funding, modeled after post-disaster recoveries Los...

New Agenda Coaching: Changing Lives in LA

July 8, 2025

July 8, 2025

Students Work Toward Applied Success with Executive Function Coaching Services The demands of daily routines and studies sometimes bear weight...

Saint Monica Prep Students Win Award for Anti-Street Racing PSA Video

July 8, 2025

July 8, 2025

The winning public service announcement, titled “Not Worth It,” was highlighted in a post on X by @LADOTofficial  Students from...

Anti-Drunk Driving Resolution Introduced as City Council Honors Late Palisades Teen Killed in Crash

July 8, 2025

July 8, 2025

Levi, who was set to attend the University of Virginia this fall, was killed by a drunk driver on May...

Free and Reduced Price School Meals Available for Eligible Families in Santa Monica-Malibu District

July 8, 2025

July 8, 2025

Parents in Need Encouraged to Apply, SMMUSD Commits to Nutritious, Accessible Meals By Brandyi Phillips, SMMUSD Chief Communications Officer Santa...

Big Blue Bus to Raise Fares for First Time in Nearly a Decade

July 8, 2025

July 8, 2025

The fare increase aims to offset rising costs for fuel, utilities, and supplies, according to the agency. The Santa Monica...

Shore Hotel: A Local Destination for Summer Fun

July 8, 2025

July 8, 2025

Bring on all things summer. Walking or biking along Santa Monica Pier, you might find yourself taking a pause at...

Santa Monica’s 150th Anniversary to be Celebrated with Vibrant State of the City Event

July 7, 2025

July 7, 2025

Attendees are encouraged to bring blankets, beach chairs, and picnics to enjoy during the performances Santa Monica will mark its...

Soprano Golda Zahra Returns to BroadStage For a One-Night-Only Musical Celebration

July 7, 2025

July 7, 2025

Hailed as “the rising star of the opera world” by The Hollywood Times, internationally acclaimed soprano Golda Zahra makes her much-anticipated return to BroadStage in...

(Video) Hundreds of Drones Light up the Sky for Palisades to Celebrate July 4th

July 7, 2025

July 7, 2025

The Event Marked One of the First Large Gatherings Among Palisadians Since the January Wildfires. The Event Marked One of...

Transform Your Life: The Free Virtual ONENESS GLOBAL SUMMIT Debuts July 18-20, 2025

July 7, 2025

July 7, 2025

The ONENESS GLOBAL SUMMIT, a transformative three-day virtual event, is coming, July 18-20, 2025, offering participants worldwide a free opportunity...

Santa Monica Home Defies Convention: Architect Eric Owen Moss Debuts Shape-Shifting Design

July 7, 2025

July 7, 2025

Pistachio-Colored Marvel Boasts Curving Walls, Sharp Angles, and Challenging Design A striking residence in Santa Monica is turning heads with...