Editor:
Re: Burnaby councillor denied motion on scrutinizing investments to avoid fossil fuels, NOW News
I’m glad that the City of Burnaby seems committed to gradually phasing out its investments related to fossil fuels, but I’m steaming mad reading about how poorly the current investments are doing.
Burnaby taxpayers deserve much better than the numbers I read related to $2 billion being invested.
According to the story: “Burnaby had a $45.48 million (2.22%) return on investments, down from the 2020 amounts of $55.8 million and 2.82%. According to the report, the city is projecting an annual yield of 2.65% on its investments for 2022, translating to $55 million in investment interest income – which would represent an increase over 2021.”
That’s it? We have $2 billion of our money invested and the city can’t even crack a measly 3%? They should speak to my investment advisor because she gets a way higher rate of return than this.
I get that the Community Charter limits what cities can invest in, but this is a really sad number and cities should be lobbying the provincial government loosen things up so we can earn more on all of these taxes we pour into their coffers every year. Or maybe the banks we are investing in need to be switched.
Other than that, maybe the city should be looking at getting better investment advice.
T. Philpot, Burnaby
