pages: CityCouncil/2015-04-07.pdf, 3
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CityCouncil | 2015-04-07 | 3 | The City Treasurer stated the City cannot invest in stocks, only bonds; new technology companies do not have credit; portfolios are more long-term in nature; in terms of liquidity, the money is not for use for operations. Councilmember Ezzy Ashcraft stated Walmart has hiring practices that impact society; the City owns bonds from Walmart and Costco but is not involved in ownership of the companies. The City Treasurer stated if Council has themes it would like to see, he could talk to the asset managers. Councilmember Ezzy Ashcraft stated that she would like the issue to come back for public discussion. Vice Mayor Matarrese stated that he would like to approve the investment policy tonight and have analysis brought back. The City Treasurer stated the policy comes back annually for Council approval; requested time for asset managers to discuss and adjust the policy. Councilmember Oddie moved approval of the investment policy. Vice Mayor Matarrese seconded the motion, which carried by unanimous voice vote - 5. Vice Mayor Matarrese moved to schedule the topic to return to discuss specific restrictions on investment in a timely manner for the firm to make adjustments at the next cycle. Councilmember Oddie seconded the motion; requested a friendly amendment for the City Treasurer to come back for discussion on consequences and impacts. Under discussion, Councilmember Ezzy Ashcraft inquired whether the City Treasurer will bring back the supplemental restrictive guidelines before the annual approval of the investment policy, to which the City Treasurer responded in the affirmative; stated he would vet Council's specific feedback with the asset managers and come back with more concrete information. In response to Mayor Spencer's inquiry, Mr. Cassell stated under Alameda's investment policy, there are 250 companies that would meet the minimum criteria; the firm evaluates credit quality and whittles the list down to about 40. Mayor Spencer stated that she would like more information on why companies were chosen in the past and the percentage of green companies; diversification is critical and she supports green energy. Regular Meeting Alameda City Council 3 April 7, 2015 | CityCouncil/2015-04-07.pdf |