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CONSENT CALENDAR
City of San Bernardino
Request for Council Action
Date: May 1, 2024
To: Honorable Mayor and City Council Members
From: Charles A. Montoya, City Manager
Barbara Whitehorn, Director of Finance & Management
Services
Department: Finance & Management Services
Subject: Resolutions Updating the Bank and Investment
Account Signature Authority (All Wards)
Recommendation:
It is recommended that the Mayor and City Council of the City of San Bernardino, California, and the Mayor and City Council of the City of San Bernardino, California acting in its capacity as the Successor Agency to the former Redevelopment Agency of the City of San Bernardino adopt the attached Resolutions updating the City’s and Successor Agency’s bank and investment account signature authority:
1. 2024-081 – Wells Fargo Bank, City;
2. 2024-082 – Wells Fargo Bank, Successor Agency;
3. 2024-083 – U.S. Bank, City;
4. 2024-084 – U.S. Bank, Successor Agency;
5. 2024-085 – BNY (Bank of New York) Mellon, City;
6. 2024-086 – BNY (Bank of New York) Mellon, Successor Agency;
7. 2024-087 – Citizens Business Bank, Successor Agency;
8. 2024-088 – Local Agency Investment Fund (LAIF), City; and
9. 2024-089 – Authorized Brokers or Dealers for the City and Successor Agency.
Executive Summary
With the recent changes in the City’s personnel and organizational structure, it is necessary to update the signature authority on all City and Successor Agency bank and investment accounts.
Background
The City and Successor Agency must update bank and investment account signature authorizations on file with the various financial institutions that hold City and Successor 2 0
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Agency funds as personnel and organizational changes occur.
Discussion
Most banking institutions require approval from the organizations’ governing body through the adoption of a resolution and/or minutes from the meeting showing adoption and approval.
The City and Successor Agency have cash, investments, and other funds held by fiscal agents in the following institutions and accounts:
1. Wells Fargo Bank, City;
2. Wells Fargo Bank, Successor Agency;
3. U.S. Bank, City;
4. U.S. Bank, Successor Agency;
5. BNY (Bank of New York) Mellon, City;
6. BNY (Bank of New York) Mellon, Successor Agency;
7. Citizens Business Bank, Successor Agency; and
8. Local Agency Investment Fund (LAIF), City - this program offers local agencies participation in a major portfolio through the State Treasurer’s Office.
Resolutions (#s 1 through 8) have been prepared for the various banking and investment accounts to change the signature authority.
Following approval by the Mayor and City Council of the City of San Bernardino, California, and approval by the Mayor and City Council acting in its capacity as the Successor Agency to the former Redevelopment Agency of the City of San Bernardino, staff will forward all appropriate resolutions to each affected banking institution.
In addition, as stated in the City’s current Investment Policy, the Director of Finance is charged with responsibility of carrying out all investment actions, which may include day-to-day investment activities or the utilization of external investment advisor services to assist with the investment program.
As such, in April 2021 the City authorized the services of the following broker/dealers to aid in day-to-day investment activities. Resolution (#9) has been prepared to authorize City designated personnel to carry out investment activities through the use of the following broker/dealers:
i. Cantor Fitzgerald;
ii. Higgins Capital Management;
iii. Raymond James; and
iv. Stifel.
2021-2025 Strategic Targets and Goals
Approval of the aforementioned resolutions align with Key Target No. 1: Financial & Operational Capacity by ensuring that the financial and administrative requirements to 2 0
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continue day-to-day operations in the Finance department are completed and kept up to date.
Fiscal Impact
There is no fiscal impact associated with adopting the attached Resolutions.
Conclusion
It is recommended that the Mayor and City Council of the City of San Bernardino, California, and the Mayor and City Council of the City of San Bernardino, California acting in its capacity as the Successor Agency to the former Redevelopment Agency of the City of San Bernardino adopt the attached Resolutions updating the City’s and Successor Agency’s bank and investment account signature authority:
1. 2024-081 – Wells Fargo Bank, City;
2. 2024-082 – Wells Fargo Bank, Successor Agency;
3. 2024-083 – U.S. Bank, City;
4. 2024-084 – U.S. Bank, Successor Agency;
5. 2024-085 – BNY (Bank of New York) Mellon, City;
6. 2024-086 – BNY (Bank of New York) Mellon, Successor Agency;
7. 2024-087 – Citizens Business Bank, Successor Agency;
8. 2024-088 – Local Agency Investment Fund (LAIF), City; and
9. 2024-089 – Authorized Brokers or Dealers for the City and Successor Agency Attachments
1. Resolution 2024-081 – Wells Fargo Bank, City
2. Resolution 2024-082 – Wells Fargo Bank, Successor Agency
3. Resolution 2024-083 – U.S. Bank, City
4. Resolution 2024-084 – U.S. Bank, Successor Agency
5. Resolution 2024-085 – BNY (Bank of New York) Mellon, City
6. Resolution 2024-086 – BNY (Bank of New York) Mellon, Successor Agency
7. Resolution 2024-087 – Citizens Business Bank, Successor Agency
8. Resolution 2024-088 – Local Agency Investment Fund (LAIF), City
9. Resolution 2024-089 – Authorized Brokers or Dealers for the City and Successor Agency
Ward:
All Wards
Synopsis of Previous Council Actions:
11-01-2023 Mayor and City Council approved Bank signatories.