DATE: January 21, 2025
TO: Mayor and Members of the City Council President and Members of the Estero Municipal Improvement District (EMID) Board of Directors
VIA: Stefan Chatwin, City/District Manager
FROM: Nathan (Nate) Cruz, Finance Director
DEPARTMENT: Finance
SUBJECT: APPOINTING FINANCE DIRECTOR NATHAN (NATE) CRUZ TO THE OFFICE OF CITY/DISTRICT TREASURER; AND
AUTHORIZING NATE CRUZ AND ASSISTANT FINANCE
DIRECTOR, WAQAS HASSAN, AS AUTHORIZED SIGNATORIES
FOR PURPOSES OF OPENING, ADMINISTERING AND
CLOSING ANY AND ALL CASH AND INVESTMENT ACCOUNTS
RECOMMENDATION
It is recommended that the City Council/EMID of Directors approve the attached resolutions appointing Nate Cruz as City/District Treasurer and updating the authorized signatories for current and future bank and investment accounts effective January 21, 2025.
EXECUTIVE SUMMARY
The City/District invests funds with financial institutions and investment custodians in its day-to-day cash and investment management operations. On August 1, 2022, the City Council authorized the former Finance Director, Edmund Suen and Mimi Lam, Financial Services Manager, as authorized signatories for the purposes of opening, administering, and closing any and all cash and investment accounts necessary to conduct the financial operations of the City and District. With Edmund Suen’s separation from the City/District and the appointment of Nate Cruz as Finance Director as of January 8, 2025, staff recommends appointing Nate Cruz as City/District Treasurer and updating the authorized signatories to Nate Cruz, Finance Director, and
Waqas Hassan, Assistant Finance Director. The attached resolutions would authorize Nate Cruz (Finance Director & City/District Treasurer) and Waqas Hassan (Assistant Finance Director), to create and terminate accounts, sign checks, withdraw and deposit funds, and execute buy and sell investment transactions in accordance with the City’s Investment Policy. These resolutions will be used for all cash and investment accounts including the Local Agency Investment Fund (LAIF). Pursuant to FCMC Chapter 3.20, the City Treasurer is also the City’s Tax Administrator.
Council approval of the attached resolutions allows for an uninterrupted transition and facilitates business continuity.
California Environmental Quality Act
Not Applicable
FISCAL IMPACT
There is no fiscal impact associated with this report.
CITY COUNCIL VISION, MISSION, AND VALUE/PRIORITY AREA
Staff Empowerment and Operational Excellence
ATTACHMENTS:
Attachment 1 - City Resolution
Attachment 2 - EMID Resolution