CITY OF PACIFICA
COUNCIL AGENDA SUMMARY REPORT
1/23/2023
1 SUBJECT:
Adoption of Resolution Authorizing Investment of Monies in the Local Agency Investment Fund RECOMMENDED ACTION:
Move to adopt the resolution to update and replace authorized signers on the City of Pacifica's Local Agency Investment Fund through the State of California Treasury Department.
STAFF CONTACT:
Mario Xuereb, Financial Analyst II
[email protected]
Lucy Xie, Deputy Finance Director
[email protected]
BACKGROUND / DISCUSSION:
The City has recently completed a series of recruitments and successfully filled vacancies in the Finance Department. These personnel changes need to be formally recognized by the State Treasury Department for use of the Local Agency Investment Fund (LAIF), which is the City’s primary investment pool. This attached resolution acknowledges the new staff contacts as authorized signers for use of the City of Pacifica's existing accounts with LAIF.
This access will allow more efficient movement of funds between our general bank accounts and the LAIF investment account to maximize the return of investments through the higher interest rates available through LAIF. This action will also keep the City compliant with the internal control and records management policies.
ALTERNATIVE ACTION:
No reasonable alternative
FISCAL IMPACT:
There is no fiscal impact associated with updating banking information with financial institutions.
ORIGINATED BY:
Finance Department
ATTACHMENT LIST:
Pacifica City Council 2
January 23, 2023
Pacifica City Council 3
January 23, 2023
RESOLUTION NO. _____
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PACIFICA AUTHORIZING
INVESTMENT OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND WHEREAS, The Local Agency Investment Fund is established in the State Treasury under Government Code section 16429.1 et. seq. for the deposit of money of a local agency for purposes of investment by the State Treasurer; and
WHEREAS, the City Council hereby finds that the deposit and withdrawal of money in the Local Agency Investment Fund in accordance with Government Code section 16429.1 et. seq. for the purpose of investment as provided therein is in the best interests of the City of Pacifica;
NOW THEREFORE, BE IT RESOLVED, that the City Council hereby authorizes the deposit and withdrawal of City of Pacifica monies in the Local Agency Investment Fund in the State Treasury in accordance with Government Code section 16429.1 et. seq. for the purpose of investment as provided therein.
BE IT FURTHER RESOLVED, as follows:
Section 1. The following City of Pacifica officers holding the title(s) specified hereinbelow or their successors in office are each hereby authorized to order the deposit or withdrawal of monies in the Local Agency Investment Fund and may execute and deliver any and all documents necessary or advisable in order to effectuate the purposes of this resolution and the transactions contemplated hereby:
Yulia Carter Lucy Xie Mario Xuereb
Assistant City Manager Deputy Finance Director Financial Analyst II ___________________ ____________________ ___________________ Signature Signature Signature
Section 2. This resolution shall remain in full force and effect until rescinded by City Council by resolution and a copy of the resolution rescinding this resolution is filed with the State Treasurer’s Office.
PASSED AND ADOPTED, by the City Council of the City of Pacifica of the State of California held on the 23rd day of January, 2023 by the following vote:
AYES, Councilmembers:
NOES, Councilmembers:
Pacifica City Council 4
January 23, 2023
ABSENT, Councilmembers:
ABSTAIN, Councilmembers:
CITY OF PACIFICA
Tygarjas Twyrls Bigstyck, Mayor
ATTEST: APPROVED AS TO FORM:
Sarah Coffey, City Clerk Michelle Kenyon, City Attorney