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Committee approves $60,000 of council discretionary funds to start public bank feasibility study; $400,000 gap remains
Summary
The committee approved an amendment to transfer a total of $60,000 from multiple AB1290 council office funds to the Chief Legislative Analyst for phase 1 of a public bank feasibility study; presenters said the full phase 1 cost is $460,000 and additional funding sources must be identified.
The Economic Development and Jobs Committee approved a motion (as amended) to transfer $60,000 from several AB1290 council office accounts to the Chief Legislative Analyst to start phase 1 of a public bank feasibility study. The CLA’s initial contract estimate for phase 1 is $460,000; staff and members acknowledged an outstanding funding gap of approximately…
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