Cal. City Uses Reserve Funds to Spur Local Business Development
In an effort to create more capital for local business loans and community development, the city of Santa Cruz, California, has shifted nearly $600,000 in city funds from U.S. treasuries and other securities to two locally owned financial institutions. Santa Cruz City Councilor Ryan Coonerty proposed the idea, which he says will bolster the local economy by keeping the city’s financial resources working locally. … Read More