Explore policy to ban city investments in corporations that avoid income taxes
In Plain English
The city currently invests public funds in various corporations through its investment portfolio. This proposal would create a new rule preventing the city from investing in any company that has not paid federal income taxes. If approved, the city would also need to sell off any existing investments in tax-avoiding corporations.
Auto-generated summary. Source: official agenda documents.
Votes
Motion · Official minutes
Motion to limit debate
2 aye · 5 nay
Why This Vote Matters
The council rejected an attempt to limit debate on a proposal that would prevent the city from investing in corporations that don't pay federal income taxes. Councilmembers Boozé and Bates wanted to cut short discussion of the investment policy, but the other five members voted to continue the full debate. This procedural vote means the council will have a complete discussion about whether to change how the city invests its public funds, rather than rushing to a decision. The actual policy proposal itself has not yet been voted on.
Auto-generated context based on official minutes.
Motion · Official minutes
Directed staff to explore adoption of policy prohibiting City from investing in corporations that have not paid income tax, and requiring City to divest any City funds invested in those corporations
5 aye · 1 nay · 1 abstain
Why This Vote Matters
The council voted with broad support to explore creating a new investment policy that would ban the city from putting public money into companies that don't pay federal income taxes. Under this potential policy, the city would also have to sell any current investments in tax-avoiding corporations. This matters because it could change how the city manages its investment portfolio, though no dollar amounts were specified for how much money might be affected. Councilmember Boozé cast the lone opposing vote, while Councilmember Bates abstained from the decision. The vote only directs staff to research the policy - the council would need to vote again on whether to actually adopt it.
Auto-generated context based on official minutes.
Related agenda records
Automatically matched by topic. Open an item to check its relevance and each motion’s outcome.
Adding Restrictions to the City of Richmond's Investment Policy
Sanctuary City Contracting resolution and Investment Ordinance
City Council’s Direction for Investment Policy Update
City of Richmond Investment Policy
Investment Policy Update