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Council approves quarterly investment report, asks staff to study shifting town funds from large banks
Summary
The council approved the quarterly treasurer's investment report and directed staff to prepare information on the town's investment policy and options for moving deposits from large banks to local institutions such as Redwood Credit Union.
The San Anselmo Town Council approved the town’s quarterly treasurer’s investment report for December 2024 and instructed staff to return with a fuller discussion of the town’s investment policy and the feasibility of moving town deposits to local credit unions or other institutions that align with town values.
During public comment, members of the Open Space Committee and residents urged the town to consider moving funds out of large commercial banks active in fossil-fuel financing and into local institutions such as Redwood Credit Union. Renee Voss told the council the town’s investment pool holds approximately $18 million and said the Open Space Committee is preparing to accept a $1 million bequest and wants to use local banks and conservative instruments that align with town policies.
Finance Director Jeff Dazuba told the council that while some town funds currently sit with Wells Fargo for transactional convenience and technology services, the finance office can explore alternatives including CDs, Treasuries and local credit unions. Dazuba noted operational features such as positive-pay check fraud protection and bank technology will factor into any change and said staff would prepare a comprehensive proposal on options, compliance with California investment rules and potential trade-offs.
Council approved the treasurer’s report and directed staff to return with: (1) the current investment policy and allowable investments under California law; (2) options for moving deposits (including Redwood Credit Union and other institutions) and the operational implications; and (3) a recommendation for next steps if council wishes to pursue a banking/investment policy that considers fossil-fuel financing or local reinvestment as a policy criterion.
Ending: The council approved the report and asked staff to provide comparative information so council can weigh convenience, security and alignment with town climate objectives before deciding whether to shift deposits.
