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Laguna Beach council authorizes moving $25 million to outside manager; orders third‑party review of city treasurer hours
Summary
Council voted to shift $25 million of the city’s short‑term cash into a balanced portfolio managed by METER and directed a third‑party review of the elected city treasurer’s duties and hours. The decision follows months of discussion about liquidity needs, portfolio composition and the treasurer’s role.
Laguna Beach City Council on June 24 authorized moving at least $25 million from funds currently held by the elected city treasurer into a balanced investment portfolio managed by the local agency METER and directed a third‑party review of the hours and duties required of the elected city treasurer.
The action responds to staff analysis showing most of the city’s portfolio was concentrated in very short‑term vehicles and that spreading maturities to match the city’s predictable “dry” months would likely improve long‑term returns. City Manager Dave Kiff told the council the move would reduce the large overnight concentration while preserving the treasurer’s ability to meet cash‑flow needs.
The vote matters because Laguna Beach has an elected city treasurer and specific California law duties for that office. Council directed the city manager to transfer funds that staff…
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