City Council Staff Report Page 1 of 2 September 8, 2026 Staff Report
Agenda Item No. 5.6
DATE: September 8, 2026
TO: Honorable Mayor and Members of the City Council
FROM: Joan Malloy, City Manager
SUBJECT: Adopt a Resolution Establishing Authority to Open and Maintain Accounts, Establishing Signature Authority, and Establishing Authorization to Transfer Funds Using Online Banking Services For the City’s Accounts at Fremont Bank
EXECUTIVE SUMMARY
Staff recommends that the City Council adopt a resolution establishing authority to open and maintain accounts, establish signature authority, and authorize the transfer of funds using online banking services for the City’s accounts at Fremont Bank.
STRATEGIC PLAN ALIGNMENT
This agenda item is not aligned with the Strategic Plan.
BACKGROUND
With the appointment of Chu Thai as Finance Director and Michelle Politan as the City’s Accounting Manager, there is a need to change the authority to open and maintain accounts and to change the authorized signers on the City’s accounts at Fremont Bank.
As part of this process, new authorizations must be approved by the City Council.
DISCUSSION
The City has established the following accounts with Fremont Bank: General Operating, Payroll, and HCD (Housing and Community Development). The City now desires to appoint the following officials as authorized persons to open, maintain, and/or add services to the City’s accounts and to serve as the authorized signers on the aforementioned accounts:
• Mayor
• City Manager
• Deputy City Manager
• Finance Director
• Accounting Manager
Agenda Item No. 5.6
City Council Staff Report Page 2 of 2 September 8, 2026 The attached resolution also identifies those employees authorized to create/initiate bank transfers between accounts, to the State’s Local Agency Investment Fund (LAIF), and to outside organizations for specific payments, such as debt service payments. All transfers require two individuals – the originator and the subsequent approver – to approve the transfer for it to be processed.
This resolution also allows the Finance Director to authorize staff members performing duties related to general ledger accounting, accounts payable, and payroll functions limited access to online banking services so that they may perform the banking activities associated with their job functions.
FISCAL IMPACT
There is no fiscal impact resulting from this action.
RECOMMENDATION
Staff recommends that the City Council adopt a resolution establishing authority to open and maintain accounts, establish signature authority, and authorize the transfer of funds using online banking services for the City’s accounts at Fremont Bank.
Prepared by: Rahnni Le, Revenue Collection Manager
Submitted by: Chu Thai, Finance Director
Attachments
1. Draft Resolution
2. Exhibit A - Fremont Bank Authority to Open Accounts and Enter into Agreements for Other Services
3. Exhibit B - Fremont Bank Signature Authority
4. Exhibit C - Authorization to Transfer Funds via Fremont Bank’s Online Banking Service