Lismore City Council is working to amend its Investment Policy to ensure more funds held by Council can be invested locally.
The first draft of the new policy was presented at last night’s Councillor Briefing session.
Under the draft changes, Council can also invest in Socially Responsible Investments where the rate of return and risk profile is in line with other investment options.
Lismore City Mayor Steve Krieg said the draft changes would support Council’s desire to ensure good returns on investments, while supporting the local economy.
“Under our current Investment Policy, we are restricted by how much we can place with local financial institutions,” he said.
“The draft change will mean the large amount of grants that Council has already received, or will receive over coming months and years, will be invested locally.
“How many communities do you read about where they no longer have a bank in town? By investing in banks and credit unions which have invested in Lismore, Council is helping to support local banks and branches which delivers choice for customers, and certainty for our community.
“Banks and credit unions that have invested in Lismore LGA also deliver a boost for our economy and employ local people.”
Also discussed at last night’s Councillor Briefing were draft changes to Council’s Concealed Water Leaks Policy, under which residents can seek reimbursement for charges for undetected water leaks.
The current policy has not been updated since 2014 and is inconvenient for residents.
Mayor Krieg said the draft considered last night is much fairer and easier to navigate for water customers. This draft policy will be presented for adoption, along with the draft Investments Policy, to the new Council following the September Local Government Elections.
