Assembly approves enterprise fund investments in stocks, bonds
March 2, 2022
Looking to possibly boost returns with minimal risk, the assembly has voted unanimously to amend municipal code to allow investment of the borough’s enterprise funds in stocks and bonds.
The collective balance of the five generally self-supported enterprises funds was more than $9 million last month — Municipal Light & Power, the water system, sewer system, sanitation services and port and harbors funds. Those five accounts are maintained separately from general fund government expenses.
Finance Director Mason Villarma told the assembly on Feb. 22 that investing enterprise funds in a wi...