August 19, 2025
Finance Department
DATE: August 19, 2025
TO: Mayor Martinez and Members of the City Council
FROM:
Emily Combs, Director of Finance
Mubeen Qader, Deputy Director of Finance
Subject:
Amendment of Authorized Signatures on the Local
Investment Agency Fund
FINANCIAL IMPACT: There is no fiscal impact for receiving this item.
PREVIOUS COUNCIL
ACTION:
None.
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. 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 – Finance Department
(Emily Combs 510-620-6790).
AGENDA
REPORT
August 19, 2025
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 (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 several personnel changes due to retirements, turnover from attrition, and new hires to replace staff. As a result, signature cards on the Local Agency Investment Fund (LAIF) accounts are outdated and need to be revised to reflect current staff assignments.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 to update the signature cards.
DOCUMENTS ATTACHED:
Attachment 1 – LAIF Resolution