Agenda Item No: K.8
AGENDA REPORT
DATE: January 20, 2026
TO: Mayor and Council
FROM: David Gassaway, City Manager
SUBJECT: Resolution 2026-06 FN Investment of Fairfield Public Financing Authority Monies into Local Agency Investment Fund
Authorizing the Investment of Fairfield Public Financing Authority 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 Fairfield Public Financing Authority (Authority) 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 Authority. The 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.
DISCUSSION
The Local Agency Investment Fund is established in the State Treasury for the depos it 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.
FINANCIAL IMPACT
N/A
PUBLIC CONTACT/ADVISORY BODY RECOMMENDATION
N/A
ALTERNATIVE ACTION
The council may choose not to adopt the resolution, which would result in LAIF not allowing the Authority 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