Title
Adopt Three (3) Resolutions Updating Designations of Persons Authorized to Make Financial Transactions and Investments of Funds
Staffreport
SUMMARY
The City Council has authority to update authorized signers on the City’s bank and investment accounts. With recent staffing changes, updates to the authorized signers are proposed.
RECOMMENDATIONS
1. Designating signers on City checks and authorizing City officials to make fund transfers.
2. Designating certain depositories and authorizing City officials to remit money in the City treasury to the State Treasurer for deposit in the Local Agency Investment Fund (LAIF).
3. Authorizing Successor Agency to the Redevelopment Agency of the City of San Leandro officials to remit monies to the State Treasurer for deposit or withdrawal
BACKGROUND
The San Leandro City Charter provides that all City checks must be authenticated by signatures of the City Manager and the Finance Director or their respective assistants. Considering recent personnel changes, it is necessary to update the required signers and grant authority for depositing funds into certain banks and depositories and make deposits and withdrawals for City and Successor Agency LAIF accounts.
Staff recommend that Nicole Gonzales be added as authorized signer for the Finance Department. In addition to dual signatures required by the City Manager and Finance Director on City checks, these individuals will be authorized to initiate fund transfers by telephone or wire instructions for the conduct of City business with the State. Signing authority was last updated on October 21, 2024.
The recommended changes established by City Council resolution will insure deposits and withdrawals can be made in a timely manner, supporting the City Council’s goal to place San Leandro on a firm foundation for long-term fiscal sustainability.
Current Agency Policies
• San Leandro City Charter, Section 550: Signatures on Checks states, “City checks shall bear the facsimile signatures of the City Manager and the Finance Director or their respective assistants.”
Previous Actions
• The City Council is requested to update this information when there are new appointments in the positions of City Manager, Assistant City Manager, Finance Director, or Assistant Finance Director.
ATTACHMENTS
• Attachment A: Resolution Designating signers of City Checks and Persons Authorized to Deposit, Withdraw, and Transfer Funds
• Attachment B: Resolution Authorizing Investments of Monies in the Local Agency Investment Fund and Authorizing Specific City Officials to Remit Monies
• Attachment C: Resolution Authorizing Investment of Monies by the Successor Agency of the Redevelopment Agency in LAIF and Authorizing Specific Officers to Remit Monies to the State Treasure
PREPARED BY: Felicia Silva, Assistant Finance Director