Title
Adopt Three (3) Resolutions Updating Designations of Persons Authorized to Make Financial Transactions and Investments of Funds
Staffreport
COUNCIL PRIORITY
* Fiscal Sustainability and Transparency
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
Staff recommends three resolutions be approved by the City Council:
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 from LAIF.
BACKGROUND
The San Leandro City Charter provides that all City checks 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 recommends that T. Michael Yuen be updated as authorized signer for the City Manager's Office, Felicia Silva be added as authorized signer for the Finance Department, and Frances M. Robustelli and Scott Koll be removed. Another name will be added under the Finance Department when a permanent Finance Director is hired. 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 3, 2022.
The recomm...
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