HomeMy WebLinkAboutItem VI - SAB Memo - re fossil fuels
Finance Department
City Hall, 215 Church Avenue P.O. Box 1130 Oshkosh, WI 54903-1130 920.236.5005 http://www.ci.oshkosh.wi.us
TO: Members of the Sustainability Advisory Board
FROM: Russ Van Gompel, Director of Finance
DATE: December 9, 2020
RE: Resolution 13-01, Divest From Fossil Fuels
The Long Range Finance Committee received your proposed resolution, Resolution #13-01,
Divest From Fossil Fuels and discussed the impact of it on a proposed Investment Policy at its
December 2, 2020 meeting. The unapproved copy of the minutes are attached for your
reference.
After considerable conversations about the SAB resolution and its potential on the impact to
staff and the desired effects on investments held by the City of Oshkosh under Wisconsin
Statues 66.0603 (1m), the Long Range Finance Committee decided to not include any of the
provisions of the SAB Resolution #13-01 in their recommended Investment Policy to the City
Council.
Please be advised that under section 66.0603 (1m), the City cannot invest in open ended
corporate securities. The City does invest in some pooled funds that are created specifically
for municipalities. These funds may have other investment products that change on a daily
basis and cannot, effectively, be monitored by City staff. The portfolio of these funds may
include some investments that are not compliant with the SAB resolution and Staff does not
have resources to monitor the daily activity of these municipal funds.
Respectfully Submitted,
Russ Van Gompel
Director of Finance