Expanded Asset Class Investments Under Prudent Investor Rules

Whereas financial investments form a critical part of the activities of a municipality, providing a source of revenues for capital expenditures and to offset cash flow fluctuations; And whereas allowable investment parameters as laid out in the Community Charter is considered a prescribed set of legislated guidelines; And whereas the Provinces of Alberta and Ontario have implemented a wider scope for local government investment, which responds to the needs of local governments of all sizes: Therefore be it resolved that UBCM request the Ministry of Finance to amend the Community Charter to provide municipalities with the ability to obtain improved returns through asset class diversification, which in return can reduce tax implications and funding costs associated with capital funding, while also reducing investment risk.