AgdaPkt 2013-08-26 - Laserfiche WebLink

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6.2.A. - Page 1 K�r�RT To the Honorable Mayor and City Council, To the Redevelopment Agency Board, and To the Public Financing Authority From the City Manager August 26, 2013 SUBJECT Updating the officers of the City of Redwood City, the Successor Agency to the Redevelopment Agency of Redwood City, and the Public Financing Authority of Redwood City to order the deposit or withdrawal of monies in investment accounts with the State of California Local Agency Investment Fund RECOMMENDATION Approve, by resolution, officers authorized to order the deposit or withdrawal of monies in the investment account with the State of California Local Agency Investment Fund for the City of Redwood City, the Successor Agency to the Redevelopment Agency of Redwood City, and the Public Financing Authority of Redwood City. BACKGROUND The State of California Local Agency Investment Fund (LAIF) is an investment fund operated by the State Treasurer for exclusive use by cities, counties, special districts, and other local agencies. LAIF invests in a variety of taxable high quality securities and loans (U.S. treasuries, certificates of deposits, bankers' acceptances, commercial paper, corporate bonds, loans, and mortgages). The City, Public Financing Authority, and the former Redevelopment Agency have made extensive use of investment accounts in LAIF for at least 20 years. LAIF currently limits public agencies to a maximum amount on deposit of$50 million per account with a limit of 15 transactions (deposits or withdrawals) per month. ANALYSIS Because of a change in employee classification within the Finance department, (the position of Administrative Assistant/Deputy Treasurer has been reclassified to Management Analyst/Deputy Treasurer) the resolutions for the City of Redwood City, the Successor Agency to the Redevelopment Agency, and the Public Financing Authority need to be updated to correctly list the title of the officers authorized to withdraw and deposit funds. FISCAL IMPACT Updating the officers authorized to order the deposit or withdrawal in the investment accounts with LAIF will continue to provide Finance staff with greaterflexibilitywith which to manage the City's investments while maintaining the objectives set forth in the City's investment policy: safety of principal, liquidity, and interest earnings.