The City of Kodiak has an eye on its investments, an ever-pressing concern with the state’s looming fiscal crisis. Tonight at its regular meeting, The Kodiak City Council will holds its second reading of an ordinance to create an investment committee. The council and staff are concerned the city is not getting good returns on investments and, according to the meeting packet, the Kodiak City Council has been thinking about what the committee might look like since February.
The same document explains the committee would be in charge of the administration and investment of city funds, a responsibility the City Finance Manager held before. The committee would meet quarterly and consist of one city council member and four city staff members – the city manager, the deputy city manager, the finance director, and the city clerk. The finance director would serve as chair.
The committee would also have an investment manager to handle where to put its money and provide updates on how those investments are going, among other duties. The ordinance to establish the committee is also up for public hearing at the regular meeting. If you’d like to attend, the meeting will begin at 7:30 p.m. in the assembly chambers. It’ll also air on KMXT.