A $16 million transfer from the City to an investment firm earlier this month, caused only a slight stir from council, but it represents a finance policy change with interest.
City funds would usually sit in a Municipal Finance Authority account, generating little interest while waiting to be spent.
The city has since engaged Raymond James Ltd to invest the funds in risk-free, short term investments, which yield a return of around 1.6%, or $314,000 in additional funds into city coffers.
Certified Financial Planner Aaron Vissia agrees the move is good for the city, since MFA investments with treasury bills and money market fund returns have been lower than 1% for many years.
City of Port Alberni Director of Finance Cathy Rothwell says the funds are secure and accessible on 30-day cashable terms.