pages: CityCouncil/2015-04-07.pdf, 2
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CityCouncil | 2015-04-07 | 2 | CONSENT CALENDAR Mayor Spencer announced that the Investment Policy [paragraph no. 15-217], the purchase of Equipment [paragraph no. 15-221], and the setting the hearing for the Webster Street Business District [paragraph no. 15-224 were removed from the Consent Calendar for discussion. Councilmember Oddie moved approval of the remainder of the Consent Calendar. Councilmember Ezzy Ashcraft seconded the motion, which carried by unanimous voice vote - 5. [Items so enacted or adopted are indicated by an asterisk preceding the paragraph number.] (*15-215) Minutes of the Special and Regular City Council Meeting Held on March 3, 2015. Approved. (*15-216) Ratified bills in the amount of $2,711,219.52. (15-217) Recommendation to Approve the City of Alameda Investment Policy. The City Treasurer and Martin Cassell, Chandler Asset Management, gave a brief presentation. Councilmember Oddie stated there is an old saying, "think globally, act locally"; Alameda is on the front line of sea level rise; it is wrong to invest in companies that contribute to sea level rise, climate change and global warming; Alameda does not allow a Walmart, but invests in a corporate bond with Walmart; Walmart outsources labor costs to taxpayers and forces government assistance on employees; the City of Portland has divested from Walmart; Alameda should engage in a similar dialogue to find out ways to be socially responsible and fulfill the duty to earn a rate of return for tax payers. The City Treasurer stated that he is open to having the discussion; it is difficult to focus on individual companies; that he would prefer the fundamental perspective that there are industries or nature of businesses that the community does not want to invest in, such as fossil fuel; this perspective defines Alameda's moral stance as a community and is a solid policy which is executable and manageable. Mr. Cassell stated his company has a fiduciary responsibility to invest funds in the best interest of the City. Councilmember Daysog stated residents need to know Council is not just rolling the dice; Alameda's investing is more conservative to achieve security; Councilmember Oddie's intent is great, but he cautions against being restrictive. Regular Meeting Alameda City Council 2 April 7, 2015 | CityCouncil/2015-04-07.pdf |