Agenda Item No: K.2
AGENDA REPORT
DATE: December 16, 2025
TO: Mayor and Council
FROM: David Gassaway, City Manager
SUBJECT: Resolution 2025-243 FN Updating Local Agency Investment Fund Officers
Authorizing the Investment of City of Fairfield Monies in the Local Agency Investment Fund (LAIF) by Certain Officers and Authorizing Them to Order the Deposit or Withdrawal of Monies in LAIF
Funding Source: N/A
Contact: Myles Dixon, (707) 428-7567
RECOMMENDED ACTION
Adopt resolution.
STATEMENT OF ISSUE
The State Local Agency Investment Fund (LAIF) has indicated that the City of Fairfield must update their records with LAIF and submit a current official record of the staff members that are authorized to deposit and withdraw funds for the City. Council is being asked to not only approve the list of staff members, but to reaffirm the City’s authority to invest funds in LAIF. The City has one LAIF account which needs to be updated.
DISCUSSION
LAIF is established in the State Treasury for the deposit of money of a local agency for purposes of investment by the State Treasurer. The City has invested funds in LAIF since 1977, and staff continue to recommend LAIF for the purpose of investment. LAIF is a safe and secure investment vehicle that is used by 475 cities throughout the State. Currently, LAIF manages assets of approximately $156.2 billion. The City has one account with LAIF, and the account cannot exceed the $75 million balance threshold currently allowed by the State Treasurer.
FINANCIAL IMPACT
N/A
PUBLIC CONTACT/ADVISORY BODY RECOMMENDATION
N/A
ALTERNATIVE ACTION
Council may choose not to approve the resolution, which would result in LAIF not allowing the City to continue to invest its funds with the Agency.
COORDINATED WITH
N/A
STAFF CONTACT
John Furtado, Director of Finance
(707) 428-7629
[email protected]
ATTACHMENTS
Attachment 2: Proposed Resolution