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File #: ID 24-462    Version: 1 Name:
Type: Action Item Status: Passed
File created: 3/26/2024 In control: City Council
On agenda: 4/18/2024 Final action: 4/18/2024
Title: Consent to and authorization of the investment of monies in the Local Agency Investment Fund ("LAIF") in the custody of the State Treasurer for purposes of investment and authorize certain Finance Officers in connection therewith
Sponsors: Finance Department
Attachments: 1. 24-462 Resolution
REPORT TO THE CITY COUNCIL


FROM: SANTINO DANISI, MBA, Finance Director/City Controller
Finance Department


SUBJECT
Title
Consent to and authorization of the investment of monies in the Local Agency Investment Fund ("LAIF") in the custody of the State Treasurer for purposes of investment and authorize 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 LAIF.

LAIF requires a formal City Council Resolution authorizing City officials to transact business with LAIF. The attached Resolution provides the n...

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