$24 Million in "Extra Cash"?
Slow Down! Not so fast with Imperial Beach's Future or Bankruptcy!
Agenda Item 6.2 Wednesday mentions how the City plans to invest a claimed $24 million in "EXTRA CASH" ?
Nobody had any "EXTRA CASH" when the Sports Park issues came up a year ago?
With a new City Manager in position; who came from an inner-pool of candidates from the League Of California Cites....and one of his first acts as the New City Manager will be to re-direct the assets of the City to a firm that not only has the blessings of the League of California Cities but, also has as it's clients many member cities of the League. If you bundle up all the "SPARE CHANGE" of all the cities that use the League...or rather....THAT THE LEAGUE USES......If you combine all those assets in one pot...that's a big hunk of money and a lot of influence to lobby and campaign to put your people in charge and help get them elected
1. I didn't know the City had an extra $24 million to start with!
2. Perhaps the City should reconsider it's investment strategies and take another look at potential insider or conflicts of interest by using a League Favored Broker holding all or many of the Municipalities so called "EXTRA MONEY".
Ever hear of a Bank or Mutual Funds?
3. HOW MUCH IS THE CITY GOING TO PAY THE NEW BROKER TO HOLD THEIR CASH?
4. WHAT BENEFIT to them over alternative methods of investing an imaginary $24 million?
5. If this investment company isn't so good???....WHO WILL GET BLAMED FOR IMPERIAL BEACH'S BANKRUPTCY?
WHO WOULD STILL BE HOLDING ONTO THE CASH?
$24 MILLION IN SPARE CASH IS A PILE OF MONEY YOU CAN'T IMAGINE!
These are the kinds of questions that concerned citizens should ask themselves. And then go down to a council meeting and say...What is this and why?
WHAT DO REAL CONCERNED CITIZENS THINK? IS THIS A FAST NEW POWER PLAY BY THE NEW CITY MANAGER?
link to pdf of agenda and specifically item 6.2