City Council Agenda Report
TO: Mayor Clauzel and Members of the City Council
FROM: Ken Irwin, City Manager
BY: Jennifer Riedeman, Finance Director
MEETING DATE: June 6, 2023
ITEM NO: 5.10
SUBJECT: Approve Resolution No. 2023-29 and Resolution No. 2023-30 Authorized Signatories for Banking Services with Bank of the West and the Local Agency Investment Fund (LAIF)
RECOMMENDATION
Staff recommends that the City Council adopt the following:
1. Resolution No. 2023-29 Approving Signatories for Banking Services with Bank of the West;
2. Resolution No. 2023-30 Approving Signatories for Investment of Monies in the Local Agency Investment Fund (LAIF)
BACKGROUND
Periodically, as the City undergoes staffing changes bank and investment signatures need to be updated with the financial institutions.
ANALYSIS
Financial and Investment Agencies require updated signature cards to be filed every time there is a change in key personnel. Due to the recent staffing changes, it is necessary to update the Authorized Signature Cards through the City's financial institutions.
Financial Institutions require these updates to go through Council approval before any changes are made. Having updated signature cards with the City's financial institutions, safeguards the City's assets and provides evidence that the account signatories are the authorized representatives of the City.
FISCAL IMPACT
There is no fiscal impact with this report.