ANAHEIM : Investment Policy Would Prize Safety
Aiming to prevent losses such as those that resulted from the Orange County bankruptcy a year ago, the City Council on Tuesday will consider a municipal investment policy for 1996.
The proposal, submitted by City Treasurer Charlene Jung, emphasizes relatively low-risk securities, a diversified portfolio and sufficient liquidity to meet Anaheim’s day-to-day financial needs.
Return on investments “is of least importance,” the proposal states, “compared to the safety and liquidity objectives.”
Preceding the meeting will be a council workshop on the city’s economic development strategy for the next five years.
Among the city’s goals are to increase its revenue base, provide job opportunities and improve the appearance of commercial districts.
Also on the council agenda is a request from the Police Department to purchase a new helicopter at a cost of just over $1 million.
According to a memo from Police Chief Randall Gaston, the typical law-enforcement helicopter lasts seven years and logs between 6,000 and 8,000 flight hours. The helicopter Anaheim wants to replace is a 1980 model with more than 15,200 hours of flight time, he said.
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