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 LAIF. LAIF requires a formal City Council Resolution authorizing City officials to transact business with LAIF. The attached Resolution provides the necessary authorization for City Finance Officers to transact business with LAIF. It contains a list of the City's designated Finance Officers, along with their exemplar signatures, including: the Controller/Finance Director/(ex-officio)Treasurer, the Assistant Controller, the Administrative Manager, the Treasury Officer, and the City Manager. The Resolution has been approved as to form by the City Attorney's Office. ENVIRONMENTAL FINDINGS By the definition provided in the California Environmental Quality Act Guidelines Section 15378 this item does not qualify as a "project" and is therefore exempt from the California Environmental Quality Act requirements. LOCAL PREFERENCE Local preference was not considered because this Resolution does not include a bid or award of a construction or service contract. FISCAL IMPACT There is no additional cost to the General Fund or any other City Fund associated with the recommended action. Attachment: Resolution