AGENDA REPORT
Meeting Date: June 14, 2022
Item Number:
To: Honorable Mayor & City Council
From: Jeff S. Muir, Director of Finance
Tatiana Szerwinski, Assistant Director of Finance
Sivan Levin, Financial Planning & Research Analyst
Subject: RESOLUTION OF THE COUNCIL OF THE CITY OF BEVERLY HILLS
AUTHORIZING INVESTMENT OF CITY MONIES IN LOCAL AGENCY
INVESTMENT FUND
Attachments: 1. Proposed Resolution
RECOMMENDATION
Approval of a proposed new resolution authorizing certain City officials to make deposits and withdrawals from the Local Agency Investment Fund (LAIF). The purpose of the new resolution is to update Section 2 of Resolution No. 18-R-13179 with current titles of City staff job classifications authorized to deposit or withdraw funds from LAIF.
INTRODUCTION
LAIF is a voluntary program that provides local agencies with an investment option for the City’s liquid monies, or monies that are readily accessible to the City. The program provides the City an opportunity to participate in a major portfolio that invests hundreds of millions of dollars at no additional cost to taxpayers. Section 16429.1 et seq. of the California Government Code enables LAIF by statute. As of March 31, 2022, LAIF has reported 2,394 participating agencies and $35.9 billion.
DISCUSSION
The City Treasurer uses LAIF in order to maximize interest earnings on liquid funds that remain immediately available. As of March 31, 2022, the City’s balance in LAIF was $54.86 million and the average monthly effective yield was 0.365% in the LAIF Pooled Money Investment Account.
Since the last resolution was adopted on April 24, 2018, the titles of City officer job classifications have changed. Therefore, the new resolution updates section 2 of the resolution in order to provide current job titles (specifically the elimination of the Budget E-4
Meeting Date: June 14, 2022
and Revenue Officer job classification and creation of the Budget Manager job classification).
FISCAL IMPACT
Approval of the resolution does not have any direct fiscal impact to the City.
Jeff S. Muir,
Director of Finance
Approved By
ATTACHMENT 1
-1-
B0785-0001\2661235v1.doc
RESOLUTION NO. 22-R-________
RESOLUTION OF THE COUNCIL OF THE CITY OF BEVERLY
HILLS AUTHORIZING INVESTMENT OF CITY MONIES IN
LOCAL AGENCY INVESTMENT FUND
WHEREAS, California Government Code Section 16429.1 et seq. provides for a Local Agency Investment Fund in the State Treasury for the deposit of money of a local agency for purposes of investment by the State Treasurer; and WHEREAS, the Council does hereby find that the deposit and withdrawal of money in the Local Agency Investment Fund in accordance with the provisions of Section 16429.l of the Government Code for the purposes of investment as stated therein is in the best interests of the City of Beverly Hills;
NOW, THEREFORE, the Council of the City of Beverly Hills does hereby resolve as follows:
Section 1. The Council does hereby authorize the deposit and withdrawal of City monies in the Local Agency Investment Fund in the State Treasury in accordance with the provisions of Section 16429.1 of the Government Code for the purpose of investment as stated therein.
Section 2. The following City officers or their successors in office shall be authorized to order the deposit or withdrawal of monies in the Local Agency Investment Fund:
CITY TREASURER
DIRECTOR OF FINANCE
ASSISTANT DIRECTOR OF FINANCE
BUDGET MANAGER
ACCOUNTING MANAGER
DocuSign Envelope ID: 5AB76190-3BD8-4990-928A-A146FD0CB9A6 -2-
B0785-0001\2661235v1.doc
Section 3. The City Clerk shall certify to the adoption of this resolution and shall cause this resolution and her certification to be entered in the Book of Resolutions of the Council of this City.
Adopted:
CITY OF BEVERLY HILLS
A Municipal Corporation
LILI BOSSE
Mayor
ATTEST:
(SEAL)
HUMA AHMED
City Clerk
APPROVED AS TO FORM: APPROVED AS TO CONTENT:
LAURENCE S. WIENER GEORGE CHAVEZ
City Attorney City Manager
JEFF S. MUIR
Director of Finance
DocuSign Envelope ID: 5AB76190-3BD8-4990-928A-A146FD0CB9A6 Certificate Of Completion
Envelope Id: 5AB761903BD84990928AA146FD0CB9A6 Status: Sent Subject: Please DocuSign: 3 - LAIF Resolution.pdf
Source Envelope:
Document Pages: 2 Signatures: 2 Envelope Originator:
Certificate Pages: 3 Initials: 0 Sivan Levin
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Time Zone: (UTC-08:00) Pacific Time (US & Canada)
455 N. Rexford Drive
Beverly Hills, CA 90210
[email protected]
IP Address: 198.245.189.166
Record Tracking
Status: Original
5/10/2022 2:24:34 PM
Holder: Sivan Levin
[email protected]
Location: DocuSign
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Deborah R. Hakman For
[email protected]
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Jeff Muir
[email protected]
Director of Finance
City of Beverly Hills
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Logan Phillippo
[email protected]
Senior Management Analyst
City of Beverly Hills
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George Chavez
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Lili Bosse
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Huma Ahmed
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Shani Parker
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City of Beverly Hills
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Jill M. Doohen
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Jackie Perez
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Jackie Perez
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Lourdes Sy-Rodriguez
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