TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Javier Carcamo, Finance Director
PREPARED BY: Jennifer Terry, Finance Manager
SUBJECT:
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Update of Signatories to Deposit and Withdraw Monies in the Local Agency Investment Fund
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RECOMMENDATION
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Rescind Resolution No. 16-3650, entitled: Authorizing Investment of Monies in the Local Agency Investment Fund (LAIF); and
Adopt Resolution 25-4832, entitled: A Resolution of the City Council of the City of Murrieta, California, Amending the List of Authorized Officials on the Local Investment Agency Fund.
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PRIOR ACTION/VOTE
On July 1, 1991, the City Council approved Resolution 91-15, approving the participation in the LAIF program, and authorizing the positions of City Manager and Finance Director as the signatories allowed to approve LAIF transactions.
On November 6, 2007, the City Council approved Resolution No. 07-1854, which authorized the City Manager, Deputy City Manager, and Administrative Services Director positions to deposit and withdraw monies in the Local Agency Investment Fund.
On November 1, 2016, the City Council adopted Resolution No. 16-3650 to modify the list of employees authorized as signatories to deposit and withdraw monies in the Local Agency Investment Fund (Vote: 5-0).
CITY COUNCIL GOAL
Maintain a high performing organization that values fiscal sustainability, transparency, accountability and organizational efficiency.
BACKGROUND
The Local Agency Investment Fund (LAIF) was established in the State Treasury under Government Code section 16429.1 et. seq. for the deposit of money from a local agency for purposes of short-term investment by the State Treasurer. The City of Murrieta has been participating in LAIF since 1991.
On July 1, 1991, the City Council, in Resolution 91-15, approved participation in the LAIF program and authorized the positions of City Manager and Finance Director as the signatories allowed to approve LAIF transaction...
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