Port Hueneme-- The Capital Improvement Plan (CIP) update at the September 6 City Council meeting continues with a discussion about investments, and Council Member Steven Gama said he gets fuzzy about investments regarding a public agency.
HE knows there are strict rules and the City’s options are limited.
“I also understand we have a 115 Trust we haven’t funded,” he said. “That gives us a little more leverage in the kind of investments we are looking for or are available to retire our unfunded liability with retiring pension obligations.”
He asked about how many options there are for a diversified investment program.
“We’re investing at LAFCO, which is a very safe, but not very productive of our cash for investment, although, we are making some return on it,” City Manager Brick Conners said. “There are limits with how and what we can invest in. We are going through comprehensive due diligence to see what those options are, and we want to have those conversations.”
He said they’re in the discovery phase, organizing the options, doing the modeling, and bringing it back to the Council.
Council Member Misty Perez asked how much money the City has for the CIP and…
