REPORT TO THE CITY COUNCIL
December 6, 2018
FROM: MICHAEL LIMA, Controller/Finance Director/(ex-officio)Treasurer
Finance Department
BY: YVONNE DEDMORE, Administrative Manager
Finance Department
SUBJECT:
Title
RESOLUTION - Designating and authorizing the investment monies in the Local Agency Investment Fund in the custody of the State Treasurer for purposes of prudent financial administration and safekeeping of Fresno Joint Powers Financing Authority funds, and authorize certain Finance Officers of the City of Fresno in connection therewith
Body
RECOMMENDATION
Staff recommends that the Joint Powers Financing Authority (JPFA) Board of Directors (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 of Fresno (City) to conduct investment transactions with LAIF on behalf of the JPFA: Controller/Finance Director/(ex-officio)Treasurer, the Assistant Controller, the Finance Department Administrative Manager, and the Treasury Officer.
EXECUTIVE SUMMARY
On October 25, 1988, the Board adopted By-Laws of the JPFA (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 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, as amended ...
Click here for full text