Coronado Eagle, Volume 6, Number 4, 25 January 1995 — Coronado City Council Meets, Examines Placement of City Funds [ARTICLE]

Coronado City Council Meets, Examines Placement of City Funds

by June Muller

In the wake of the Orange County bankruptcy scandal and the San Diego County tremors over its investments, the Coronado City Council decided to take another look at what it does with its money. At its Jan. 17 meeting, the council unanimously adopted some minor changes which will “enhance the economic status of the city while protecting its pooled cash.” County Treasurer Jack Var Sambeek said later that the mess in Orange County “caused us to look at our investment policy” which led to the changes. In an action adopted on the consent calendar, the council accepted an “information report” on Coronado’s investment program. The document pointed out that Coronado has some STT.3 million on deposit with the San Diego County Investment Pool and about $16.2 million “in liquid form,” most held in the Local Agency Investment Fund, the state pool. Van Sambeek said the larger amount is cash that is available from the city and the Redevelopment Agency, including bond

proceeds and other funds. “While the county pool has had a market loss of $362 million,” Van Sambeek said, “it is not an actual lose. Either the market will rebound or the investments will be held to maturity.” Coronado, Van Sambeek said, holds only 1 percent of the county investment pool. In another financial matter, the council questioned a proposal by Kris Grant, under contract as executive director of the Visitor Information Center, to solicit advertising for the annual promotion guide. “The money we allot to the center is to support all businesses,” said Council Member Patty Schmidt. And Councilman Bruce Williams said he was concerned about the bureau soliciting advertising from only some businesses. “An expanded guide with advertisments will make a more compelling picture of Coronado,” Ms. Grant said. “We hope to become self-funding.” The council agreed to have the proposal reviewed by the city managerandcity counsel.

The council set for late March a hearing into the future tolls for the Coronado Bridge, a proposal advanced by the San Diego Association of Governments (SanDAG). Although SanDAG has the authority to raise tolls, it requested a list of projects and cost estimates before taking any action. In other action, the council: • Appointed Joan Gillem, a teacher, and James F. Meyers Jr., a retired Marine Corps lieutenant colonel and a physical education instructor, to the Parks and Recreation Board. • Named John T. Freeman vice president and chief financial officer of an insurance brokerage firm, and Sandra J. Vickers,

an active members of the community, and renamed Phyllis Kraus to the Citizens Advisory Board. • Approved a resolution consenting to the transfer of the American Cablevision fran-

chise to Time Warner. American Cable is a subsidiary of Southwest Cablevision which is a subsidiary of Time Warner. The reason for the change, according to

Steve McMahan, American Cable manager, is because of a legal procedure which will have no effect on local operations. • Directed that along Orange Ave., the American flags be flown all year but that Coronado flags be displayed only during the spring and summer. • Appropriated S3,(XX) to install a line at the Coronado Community Playhouse to facilitate the installation of a sprinkler system.