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ADOPT A RESOLUTION AUTHORIZING THE CITY OF STOCKTON TO CONTINUE TO PARTICIPATE IN THE LOCAL AGENCY INVESTMENT FUND AND NAMING THE CITY MANAGER, DEPUTY CITY MANAGER, CHIEF FINANCIAL OFFICER AND ASSISTANT CHIEF FINANCIAL OFFICER AS EMPOWERED TO DEPOSIT AND WITHDRAW FUNDS
recommended action
RECOMMENDATION
It is recommended that the City Council accept a resolution authorizing continued participation in the Local Agency Investment Fund (LAIF) and updating the list of those authorized to deposit and withdraw funds.
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Summary
The depositing and withdrawal of funds from the Local Agency Investment Fund (LAIF) is a routine update required periodically by LAIF policy. The individuals and titles currently listed to do routine money transfers are outdated. The Finance Officer title is no longer utilized and the titles for Chief Financial Officer and Assistant Chief Financial Officer have taken preference over Director and Assistant Director of Administrative Services, respectively, where the latter titles have always served the former function. Staff recommends the addition of the City Manager and Deputy City Manager positions to the list of authorized individuals with authority to transfer funds to and from the City’s LAIF account.
DISCUSSION
Background
On March 25, 2008, the City Council adopted Resolution 08-0098, authorizing the City of Stockton to continue to participate in LAIF. LAIF is a local government investment pool in the State Treasury that was created by Assembly Bill 3107. This permits local government officials, with the consent of the governing body of that agency, to make deposits to the fund for investment purposes.
Present Situation
The City is currently participating in the fund as a short-term investment vehicle. With changes in titles and placement of positions, it is necessary to update, by resolution, the staff positions authorized to either place funds on deposit with LAIF or to withdraw funds from LAIF. Staff recommends four functional titles within the City be listed with this authority. If the resolution is accepted as written, the authority would be given to the City Manager, Deputy City Manager, Chief Financial Officer, and Assistant Chief Financial Officer.
FINANCIAL SUMMARY
There is no direct financial impact related to the recommended action.