REPORT TO THE CITY COUNCIL
FROM: SANTINO DANISI, MBA, Finance Director/City Controller
Finance Department
SUBJECT
Title
HEARING consenting to and authorizing investment monies in the Local Agency Investment Fund (LAIF) in the custody of the State Treasurer for purposes of prudent financial administration and safekeeping of Fresno Joint Powers Finance Authority (JPFA) funds, and authorizing certain Finance Officers of the City of Fresno (City) in connection therewith.
Body
RECOMMENDATION
Staff recommends that the JPFA Board of Directors (the Board) adopt the attached Resolution authorizing the investment of monies in the Local Agency Investment Fund (LAIF), and designating and authorizing the following Finance Officers of the City to conduct investment transactions with LAIF on behalf of the JPFA: the City Manager, the Assistant City Manager, Controller/Finance Director/(ex-officio) Treasurer, the Assistant Controller/Finance Director, Division Manager of the Accounting Division, and the Principal Accountant of the Treasury Section.
EXECUTIVE SUMMARY
On October 25, 1988, the Board adopted the By-Laws of the JPFA (the By-Laws), which designate the Treasurer of the City of Fresno as the Treasurer and Controller of the JPFA (Treasurer and Controller). Responsibilities of the Treasurer and Controller of the JPFA include signing checks and various investment and commercial banking documents, and providing verbal instruction as required for the prudent financial administration and safekeeping of JPFA funds and property. In order to accomplish these tasks, it is necessary for the Treasurer and Controller to delegate some duties to responsible City of Fresno Finance Department employees. Pursuant to Section IV.D(7) of the Joint Exercise of Powers Agreement by and between the City of Fresno and Redevelopment Agency of the City of Fresno, now the City of Fresno as Successor Agency to the Redevelopment Agency of the City of Fresno,...
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