Cotati City Council
Agenda Staff Report
Item type: CONSENT CALENDAR (ACTION)
To: City Council
Subject: DESIGNATION OF SIGNATURES FOR ORDERS FOR
PAYMENT OF MONIES AND WIRE TRANSFER SERVICES
Date: May 14, 2024
Written by: Angela Courter, Director of Administrative Services Recommendation
It is recommended that the City Council adopt a resolution designating signatures for orders for payment of monies drawn against the City of Cotati on existing accounts at Exchange Bank and designating signatures for wire transfer services with Exchange Bank.
Background
Due to the recent changes in City staff, it is necessary to update the City/Agency officers’ banking signatures for the City’s primary banking accounts at Exchange Bank Analysis/Discussion
Two authorized signatures are required to draw funds against a City bank account or to transfer funds from one bank account to another. With the recent change in Police Chiefs, it is necessary to update the designation of authority with Exchange Bank.
Financial Considerations
Dual custodianship is a primary internal control in the stewardship and management of the City’s cash and investments, assuring security of the assets while allowing for flexibility to address operational demands.
Environmental Issues
Not applicable, the proposed action is not a project under CEQA.