SR 10-24-2023 5J
City Council
Report
City Council Meeting: October 24, 2023
Agenda Item: 5.J
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To: Mayor and City Council
From: Gigi Decavalles-Hughes, Director, Finance Department, Revenue
Subject: Adoption of a Resolution Updating the List of Persons Authorized to Conduct
Transactions With the State Local Agency Investment Fund (LAIF)
Recommended Action
Staff recommends that the City Council:
1. Adopt the attached resolution updating the positions/persons authorized to
conduct transactions with the State Local Agency Investment Fund (LAIF) on
behalf of the City; and
2. Adopt a finding of no possibility of significant effect pursuant to Section
15061(b)(3) (Common Sense Exemption) of the California Environmental Quality
Act (CEQA) Guidelines.
Summary
The Santa Monica City Charter designates the Director of Finance (as the City
Treasurer) as the custodian of all public funds. Additionally, per State law, the Council
delegates investment authority to the City Treasurer for a one-year period. The most
recent delegation runs through February 29, 2024. Per the City’s Investment Policy
(approved annually by Council), investment authority may also be delegated to the
Assistant City Treasurer, and, in the absence of the Director of Finance and the
Assistant City Treasurer, the Treasury Administrator and/or Senior Treasury Analyst
may be delegated investment authority. One of the investment vehicles the City uses to
invest funds is the State Local Agency Investment Fund (LAIF). Due to organizational
changes, changes to the persons authorized to conduct investment transactions must
be updated, which requires adoption of a resolution per LAIF guidelines.
Discussion
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Per the City’s Investment Policy (approved annually by Council), investment authority
may also be delegated to the Assistant City Treasurer, and, in the absence of the
Director of Finance and the Assistant City Treasurer, the Treasury Administrator
and/or Senior Treasury Analyst may be delegated investment authority. The current
list of staff authorized to execute transactions with LAIF are the Director of Finance
(City Treasurer), Assistant City Treasurer, and the Principal Treasury Analyst, which
are not consistent with the current organizational structure of the City or with the
City’s current Investment Policy. The Principal Treasury Analyst position has been
deleted and replaced by the Senior Treasury Analyst position. In addition, the
Treasury Administrator position has been restored. Adoption of the attached
resolution will correct these inconsistencies.
Environmental Review
The resolution to update the list is categorically exempt from CEQA pursuant to
Section 15061(b)(3) of the CEQA Guidelines. The updated list is covered by the
common sense exemption which states that CEQA does not apply, “where it can be
seen with certainty that there is no possibility that the activity in question may have a
significant effect on the environment.” Updating the list of staff authorized to conduct
transactions with LAIF would not result in adverse physical impacts on the
environment, and as such, is categorically exempt from CEQA.
Financial Impacts and Budget Actions
There is no financial impact or budget action necessary as a result of the recommended
actions.
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Prepared By: David Carr, Assistant City Treasurer
Approved
Forwarded to Council
Attachments:
A. LAIF Resolution 102423
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City Council Meeting October 24, 2023 Santa Monica, California
RESOLUTION NO. (CCS)
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA MONICA
UPDATING THE LIST OF PERSONS AUTHORIZED TO CONDUCT TRANSACTIONS
WITH THE STATE LOCAL AGENCY INVESTMENT FUND
WHEREAS, the City of Santa Monica (the City) is a municipal corporation; and
WHEREAS, the State Local Agency Investment Fund (“LAIF") is established in the
State Treasury under Government Code 16429.1 et seq. for the deposit of money of a
local agency for purposes of investment by the State Treasurer; and
WHEREAS, the City Council hereby finds that the deposit and withdrawal of money
in LAIF in accordance with Government Code section 16429.1 et seq. for the purpose of
investment as provided therein is in the best interests of the City of Santa Monica; and
WHEREAS, the State Treasurer requires that the City Council designate
appropriate persons authorized to conduct LAIF transactions on behalf of the City; and
WHEREAS, on or about February 23, 2016, the City Council adopted Resolution
No. 10934 (CCS), which established certain designees authorized to conduct LAIF
transactions; and
WHEREAS, certain staffing changes have made it necessary to update the
designees authorized to conduct LAIF transactions.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA
DOES RESOLVE AS FOLLOWS:
5.J.a
Packet Pg. 200 Attachment: LAIF Resolution 102423 [Revision 3] (6049 : Resolution Updating the List of Persons Authorized to Conduct Transactions With the
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SECTION 1. That the Director of Finance/City Treasurer is authorized to establish
and close deposit and investment accounts with financial institutions and brokerages
upon such terms and conditions provided by the statutes of the State of California
governing public deposits and the City's investment policy.
SECTION 2. That the City Council has delegated investment authority to the
Director of Finance/City Treasury.
SECTION 3. That under the guidelines of the City Investment Policy, the Finance
Director/City Treasurer may delegate investment authority to the Assistant City Treasurer,
and in the absence of the Director of Finance/City Treasurer and the Assistant City
Treasurer, investment authority may be delegated to the Treasury Administrator and/or
the Senior Treasury Analyst.
SECTION 4. That the Director of Finance/City Treasurer, the Assistant City
Treasurer, the Treasury Administrator, and the Senior Treasury Analyst are hereby
authorized to order the deposit or withdrawal of monies in LAIF and may execute and
deliver any and all documents necessary or advisable in order to effectuate the purposes
of this resolution and the transactions contemplated hereby.
SECTION 5. Any provision of any Resolution inconsistent with the provisions of
this resolution, to the extent of such inconsistencies and no further, are hereby repealed
or modified to the extent necessary to affect the provisions of this resolution.
SECTION 6. Resolution Number 10934 (City Council Series) hereby repealed in
its entirety.
5.J.a
Packet Pg. 201 Attachment: LAIF Resolution 102423 [Revision 3] (6049 : Resolution Updating the List of Persons Authorized to Conduct Transactions With the
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SECTION 7. The City Clerk shall certify to the adoption of this resolution, and
thenceforth and thereafter the same shall be in full force and effect.
APPROVED AS TO FORM:
_________________________
Douglas Sloan, City Attorney
5.J.a
Packet Pg. 202 Attachment: LAIF Resolution 102423 [Revision 3] (6049 : Resolution Updating the List of Persons Authorized to Conduct Transactions With the