Title
Adoption of Resolution Authorizing the City Treasurer, the City Finance Director and the City Finance Services Manager to Order the Deposit or Withdrawal of Monies in the State Local Agency Investment Fund on Behalf of the City and Repealing Resolution No. 14776. (Finance 2410)
Body
To: Honorable Mayor and Members of the City Council
From: Jill Keimach, City Manager
Re: Adoption of Resolution Authorizing the City Treasurer, the City Finance Director and the City Finance Services Manager to Order the Deposit or Withdrawal of Monies in the State Local Agency Investment Fund on Behalf of the City and Repealing Resolution No. 14776
BACKGROUND
As part of its investment policy, the City invests part of its investments in the State’s Local Agency Investment Fund (LAIF) in accordance with the provisions of Section 16429.1 of the Government Code covering authorized investments for governmental entities. LAIF requires the City to issue a revised resolution of authorized officials if titles of positions within the Finance Department change.
DISCUSSION
The attached proposed resolution would take the place of City resolution 14776 currently in place and would change the authorized agents of the City to be the City Treasurer, Finance Director and Financial Services Manager. The latter two positions reflect title changes that have taken place during the last few fiscal years, from Controller to Finance Director and from Accounting Supervisor to Financial Services Manager.
FINANCIAL IMPACT
There is no financial impact to the City.
MUNICIPAL CODE/POLICY DOCUMENT CROSS REFERENCE
The City’s investment in LAIF is in accordance with the City’s investment policy previously adopted by Council.
ENVIRONMENTAL REVIEW
This activity is not a project and is exempt from the California Environmental Quality Act (CEQA) pursuant to section 15378 (b)(4) of the CEQA Guidelines, because it involves governmental fiscal activities, which does not involve any commitment to any specific project which may result in a potentially significant physical impact on the environment.
RECOMMENDATION
Adopt a Resolution authorizing the City Treasurer, the City Finance Director and the City Finance Services Manager to order the deposit or withdrawal of monies in the State Local Agency Investment Fund on behalf of the City and repealing Resolution No. 14776.
Respectfully submitted by,
Elena Adair, Finance Director
cc: Kevin Kennedy, City Treasurer