CITY OF PACIFICA
COUNCIL AGENDA SUMMARY REPORT
9/14/2026
1 SUBJECT:
Resolution Authorizing Investment of Monies In the Local Agency Investment Fund and Updates to the Authorized Signers
RECOMMENDED ACTION:
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:
Marisol Gómez, Director of Administrative Services
[email protected]
Lucy Xie, Deputy Finance Director
[email protected]
BACKGROUND / DISCUSSION:
In January 2023, the City updated the authorized signers on the Local Agency Investment Fund account to align with staffing changes.
Since 2023, the City has completed recruitments and filled the positions of City Manager and Director of Administrative Services. 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:
Pacifica City Council 2
September 14, 2026
Finance Department
ATTACHMENT LIST:
Pacifica City Council 3
September 14, 2026
RESOLUTION NO. _____
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PACIFICA AUTHORIZING
INVESTMENT OF MONIES IN THE LOCAL AGENCY INVESTMENT FUND AND UPDATES
TO AUTHORIZED SIGNERS
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:
Sean Charpentier, City Manager Yulia Carter, Assistant City Manager _________________________ _____________________________ Signature Signature
Marisol Gómez, Director of Administrative Services Lucy Xie, Deputy Finance Director
__________________________ ______________________
Signature Signature
Pacifica City Council 4
September 14, 2026
Frances Meg Callanan, Accountant
____________________________
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 • • • • •
PASSED AND ADOPTED at a regular meeting of the City Council of the City of Pacifica, California, held on the 14th day of September, 2026, by the following vote:
AYES, Councilmembers:
NOES, Councilmembers:
ABSENT, Councilmembers:
ABSTAIN, Councilmembers:
CITY OF PACIFICA:
_________________________________
Christine Boles, Mayor
ATTEST: APPROVED AS TO FORM:
______________________________ _________________________________ Sarah Coffey, City Clerk Michelle Kenyon, City Attorney