City Council Agenda Report
Urgency Item 7.f.
DATE: July 12, 2022
TO: Honorable Mayor and Members of the City Council
APPROVED BY: Rene Salas, Interim City Manager
SUBMITTED BY: William Fox, Interim Finance Director
SUBJECT: CONSIDERATION AND ADOPTION OF RESOLUTION NO 22- 58, AUTHORIZING DESIGNATED CITY EMPLOYEES TO
OPEN, MAINTAIN, MAKE TRANSACTIONS, AND CLOSE
CITY ACCOUNTS IN VARIOUS BANKS AND FINANCIAL
INSTITUTIONS TO CONDUCT CITY BUSINESS
SUMMARY: The City maintains accounts with various banking institutions in accordance with the City’s Investment Policy and State Law. With the change in management and staff, it is necessary to update the signatory cards held by those banking institutions to remove the names of prior management and staff and to add the names of new management and staff in order to conduct City business.
RECOMMENDED ACTION: Staff recommends City Council adopt Resolution No. 22- 58, authorizing designated City employees to open, maintain, make transactions, and close City accounts in various banks and financial institution in order to conduct City business.
FISCAL IMPACT: There is no fiscal impact by authorizing designated City employees to open, maintain, make transactions, and close City accounts in various banks and financial institution in order to conduct City business.
DISCUSSION: The City maintains a number of accounts with various banking institutions in accordance with the City’s investment policy. As routine banking transactions occur, including making investment with the California State Treasurer Local Agency Investment Fund (LAIF), and receiving and disbursement funds on behalf of the Successor Agency to the former Redevelopment Agency of the City of South El Monte, many banks request the City to provide evidence that the account signatories are the authorized representatives of the City.
The current list of authorized signatories includes the former City Manager, Rachel Barbosa. As Rachel Barbosa’s employment ended as of June 29, 2022, with the Deputy City Manager, Rene Salas, stepping in as the Interim City Manager, Rachel Barbosa needs to be removed from City accounts as an authorized signatory.
Urgency Item 7.f. was
added to the agenda
under "Approval of
Agenda" during the
meeting.
Resolution No. 22-58 has been prepared to provide authority for the acting Mayor, Interim City Manager, City Clerk, Interim Finance Director / City Treasurer, Accounting Manager, and Accounting Specialist to open, maintain, make transactions, and close City accounts in various banks and financial institution in order to conduct City business.
Staff report prepared by Masami Higa, Accounting Manager.
ATTACHMENT:
Attachment A – Resolution No. 22-58
RESOLUTION NO. 22-58
A RESOLUTION OF THE SOUTH EL MONTE CITY
COUNCIL AUTHORIZING DESIGNATED CITY EMPLOYEES
TO OPEN, MAINTAIN, MAKE TRANSACTIONS, AND
CLOSE CITY ACCOUNTS IN VARIOUS BANKS AND
FINANCIAL INSTITUTUIONS TO CONDUCT CITY
BUSINESS
THE SOUTH EL MONTE CITY COUNCIL HEREBY RESOLVES AS FOLLOWS:
Section 1. The City Council finds, determines and declares as follows:
A. In the normal course of business, the City of South El Monte maintains a number of accounts at various financial institutions; and
B. Each such financial institution needs authorization from the City Council to open, maintain, make transactions, and close such accounts.
Section 2. That the following individuals are hereby authorized to open, maintain, make transactions, and close said accounts, subject to the terms of the agreement with the financial institution:
Gloria Olmos, Mayor
Rene Salas, Interim City Manager
Donna Schwartz, City Clerk
William Fox, Interim Finance Director / City Treasurer
Masami Higa, Accounting Manager
Christina Navarro, Accounting Specialist
Section 3. That these individuals shall continue to be so authorized until such time as the financial intuition is given notice in writing that the authorization is revoked.
Section 4. The City Clerk shall provide a certified copy of this Resolution to each financial institution requesting the same. It is intended that this Resolution shall serve as a substitute for any individual institution’s form documenting corporate board approval.
Section 5. The City Clerk shall certify to the adoption of this Resolution.
PASSED, APPROVED, AND ADOPTED this 12th day of July, 2022. ______________________________
Gloria Olmos, Mayor
ATTEST:
____________________________
Donna G. Schwartz, City Clerk
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS:
CITY OF SOUTH EL MONTE )
I, Donna G. Schwartz, City Clerk of the City of South El Monte, do hereby certify that the foregoing Resolution being Resolution No. 22-58, was passed and approved by the City Council of the City of South El Monte at a regular meeting of said Council held on the 12th day of July 2022 and that said Resolution was adopted by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
__________________________
Donna G. Schwartz, City Clerk