Inglewood City Council will resume council meetings this week and the top item on the agenda is a review of 1st quarter budget numbers. Overall, revenue is up except for a dramatic dip in investment earnings, from 1st quarter 2018-2019. It appears this has prompted a revamping of the city’s Investment Committee.
Citing the Investment Committee’s (IC) lack of meeting, over an extended period of time, City Manager Artie Fields is concerned about compliance of the City’s Investment Policy, and is requesting to dissolve the current IC and establish a new one with the following members: City Treasurer, City Manager, Mayor, CFO and a designated Council member to begin meeting regularly, to discuss the city’s investments.
Their lack of meeting could have contributed to the significant decrease of investment revenue during the period of October 1, 2019 through December 31, 2019, as outlined in the scheduled budget presentation.
The only other category to see a reduction in revenue is sales tax which the city attributes to a decrease in “stadium related” development.
Expenditures are up in all city departments. Expenses are up due to hiring and salary ordinance increases.
The city is expected to spend $250,000 on upgrades to the Crenshaw-Imperial branch library. The library was built in 1965 and due to a decaying parking lot and break ins, the city will invest in making the library safer and more aesthetically pleasing.
The city has not made any public plans for reopening the Morningside Park Library branch that closed due to a “fiscal emergency” back in 2011.
The city will also hold two public hearings related to the denial of a special use permit (SUP) for 400 W. Manchester to sell beer and wine, where the Planning Department is recommending the council uphold the denial citing ABC requirements of not having too many licenses in the surrounding areas.
ABC previously issued a license, to this same location, when it was open as “Big G Liquor” and if denied by the city council, could prevent the current store from remaining open, due to a lack of revenue. The location is on a prime parcel on Manchester Blvd, less than two miles from the Forum and NFL stadium, which would be ripe for development, should all of the current businesses shudder.
The other is related to a 12 bed community care facility located at 814 N Market Street. The council is expected to approve the proposed amendments to the current ordinance to be in compliance with state laws.
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Was this IC was using pension funds which Daily Breeze reported on a year or so ago. So the City lost the money in a high-risk, fiscally irresponsible move, as was determined back then?