DATE: April 7, 2025
TO: Mayor and Members of the City Council President,
Members of the Estero Municipal Improvement District (EMID) Board of Directors, and
Members of the Foster City Joint Powers Authority (FCJPA) Board of Directors
VIA: Stefan Chatwin, City/District Manager and Executive Director
FROM: Nate Cruz, Finance Director
DEPARTMENT: Finance
SUBJECT: AUTHORIZING INVESTMENT OF MONIES IN THE LOCAL
AGENCY INVESTMENT FUND
RECOMMENDATION
It is recommended that the City Council, EMID Board of Directors, and FCJPA Board of Directors approve the attached resolutions authorizing Nate Cruz (Finance Director), Waqas Hassan (Assistant Finance Director), and Mimi Lam (Financial Services Manager) to deposit and withdraw City/EMID/FCJPA funds in the Local Agency Investment Fund (LAIF).
EXECUTIVE SUMMARY
The City/District invests funds with financial institutions and investment custodians in its day-to-day cash and investment management operations. On January 21, 2025, the City Council authorized Nate Cruz as City/District Treasurer and Waqas Hassan, Assistant Finance Director to invest and administer funds in all investment accounts.
LAIF subsequently notified the finance department they require standalone authorization, as provided in the attached resolutions for the City, EMID, and the Foster City Joint Powers Authority (FCJPA).
The FCJPA was created by the Council and Board of Directors on April 6, 2020 (see Item 7.4) in order to provide financing flexibility for future public facility projects allow for investing funds in LAIF.
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
Attachment 3 – FCJPA Resolution