REPORT TO THE CITY COUNCIL
FROM: RUTH F. QUINTO, CPA, Assistant City Manager/Interim Finance Director/Controller
Office of the Mayor & City Manager/Finance Department
BY: YVONNE DEDMORE, Assistant Finance Director/Controller
Finance Department
SUBJECT
Title
RESOLUTION - Consenting to and authorizing investment of monies in the Local Agency Investment Fund ("LAIF") in the custody of the State Treasurer for purposes of investment, and authorizing certain Finance Officers in connection therewith
Body
RECOMMENDATION
Staff recommends that the City Council approve the attached Resolution, authorizing the investment of monies in the Local Agency Investment Fund ("LAIF"), and authorizing certain Finance Officers to conduct investment transactions with LAIF.
EXECUTIVE SUMMARY
Pursuant to Section 16429.1 of the California Government Code, the California Legislature created LAIF in the State Treasury for the investment of money belonging to a local agency. Approving this Resolution will result in the appointment of certain City employees to conduct investment transactions with LAIF.
BACKGROUND
City Charter Section 804 establishes the position of Controller and specifies that this person is to have charge of the Finance Department and administer the financial affairs of the City under the direction of the Chief Administrative Officer. Fresno Municipal Code Section 7-901 names the City Controller as the ex-officio Treasurer of the City, and states that the Treasurer shall receive all moneys collected by the City and shall "retain the same in his custody to the order of said city." Pursuant to Section 16429.1 of the California Government Code, the California Legislature created LAIF in the State Treasury for the investment of money belonging to local agencies. The attached Resolution authorizes the Controller/Finance Director/(ex-officio)Treasurer, as well as certain other City employees, within the Finance Department, to conduct transactions with L...
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