Redondo Beach City Treasurer Proposes Annual Investment Policy Changes

In the heart of Redondo Beach, city officials gathered for a pivotal Budget and Finance meeting on August 14, 2025, where discussions centered on the annual review of the city’s investment policy. The atmosphere was charged with anticipation as City Treasurer Eugene Solomon presented key updates that could shape the city’s financial landscape.

Solomon, joined by investment partner Rick Phillips, outlined two principal changes to the investment policy. The first proposed adjustment seeks to increase the city’s investment in the Local Agency Investment Fund (LAIF) from $65 million to $75 million, aligning with state law limits. This increase is designed to enhance the city’s investment capabilities, allowing for greater financial flexibility and potential growth.

The second change is more administrative, aimed at updating the investment policy language to reflect recent state-level modifications. This alignment ensures that the city’s practices remain consistent with legal requirements, reinforcing the integrity of its financial operations.

As the meeting progressed, a moment of levity emerged amidst the serious discussions. Technical difficulties with presentation equipment prompted light-hearted exchanges among commissioners, showcasing the camaraderie within the group. Chair Allen took a moment to acknowledge the impending departure of Commissioner Samples, who has served for eight years, and to congratulate Commissioner Woodham on his reappointment. This blend of professionalism and personal connection highlighted the collaborative spirit of the commission.

The meeting concluded with an invitation for public comments and questions regarding the proposed changes, emphasizing the city’s commitment to transparency and community involvement in financial decisions. As Redondo Beach navigates its fiscal future, these discussions mark a significant step toward ensuring sound investment practices that benefit the community at large.