October 17, 2023
Finance Department
DATE: October 17, 2023
TO: Mayor Martinez and Members of the City Council
FROM:
Andrea Miller, Director of Finance
Mubeen Qader, Deputy Director of Finance
Subject:
Amendment of Authorized Signatures on the Local
Agency Investment Fund
FINANCIAL IMPACT: None
PREVIOUS COUNCIL
ACTION:
N/A
STATEMENT OF THE
ISSUE:
The City needs to revise the list of authorized signatures on the Local Agency Investment Fund (LAIF) to reflect
the current staff assignments in the Finance Department.
LAIF requires that the City Council adopt a resolution
approving the authorized signatures.
RECOMMENDED ACTION:
ADOPT a resolution revising the authorization list on the Local Agency Investment Fund (LAIF) account to reflect
the current staff assignments in the Finance Department – Finance Department (Andrea Miller 510-620-6740).
DISCUSSION:
The Local Agency Investment Fund (LAIF) is a voluntary program created by a California statute. It began in 1977 as an investment alternative for California’s local governments and special districts and is part of the Pooled Money Investment Account AGENDA
REPORT
October 17, 2023
(PMIA). The PMIA began in 1955 and oversight is provided by the Pooled Money Investment Board (PMIB), and an Investment Committee. The PMIB members are the State Treasurer, Director of Finance, and the State Controller.
LAIF is an important investment/cash management vehicle for the City of Richmond’s financial operations. The Finance Department has experienced a number of personnel changes due to retirements, turnover from attrition, and new hires to replace staff. As a result, signature cards on the LAIF accounts are outdated and need to be revised to reflect current staff assignments. The State of California Local Investment Agency requires the adoption of a resolution in order to update the signature cards.
DOCUMENTS ATTACHED:
Attachment 1 – LAIF Resolution