Report Prepared by: Amanda Bettis, Accountant I
Title
SUBJECT: Authorization of Signing Authority for City Bank Accounts and Local Agency Investment Fund
REPORT IN BRIEF
Considers granting the City’s Officers signing authority for City bank accounts and Local Agency Investment Fund.
RECOMMENDATION
City Council/Public Financing and Economic Development Authority/Parking Authority - Adopt a motion:
A. Adopting Resolution 2023-40, a Resolution of the City Council of the City of Merced, California, authorizing signature of City checks; and,
B. Adopting Resolution 2023-41, a Resolution of the City Council of the City of Merced, California, authorizing investment of City of Merced monies in Local Agency Investment Fund; and,
C. Adopting Resolution PFA 2023-01, a Resolution of the City of Merced Public Financing and Economic Development Authority authorizing signature of Authority checks; and,
D. Adopting Resolution PFA 2023-02, a Resolution of the City of Merced Public Financing and Economic Development Authority authorizing investment of City of Merced monies in Local Agency Investment Fund; and,
E. Adopting Resolution PA 2023-01, a Resolution of the Parking Authority of the City of Merced, California, authorizing signature of Parking Authority checks; and,
F. Adopting Resolution PA 2023-02, a Resolution of the Parking Authority of the City of Merced, California authorizing investment of City of Merced monies in Local Agency Investment Fund.
Body
ALTERNATIVES
1. Approve as recommended; or
2. Deny; or
3. Refer to staff for further study; or
4. Continue to a future meeting.
AUTHORITY
City Charter Sections 200 and 405.
CITY COUNCIL PRIORITIES
As provided for in the 2022-2023 Adopted Budget
DISCUSSION
On February 7, 2022, the City Council approved resolutions for specific signors to sign on behalf of the City for City’s bank accounts and the Local Agency Investment Fund. At that time, Julie Trujillo was authorized as the Deputy Finance Officer.
As of May 26, 2023, Julie Trujillo, Deputy Finance Officer, was officially retired and as of May 1, 2023, Kuljit Singh was hired as the City’s new Deputy Finance Officer. To properly reflect his title and role, new authorizations need to be granted for Kuljit Singh as a new signor while removing Julie Trujillo from signing authority. This change will authorize Kuljit Singh, Deputy Finance Officer as a signor for City checks and other documents evidencing payment of funds on behalf of the City of Merced and to use a facsimile signature. These documents also modify who is authorized to withdraw City Funds from the Local Agency Investment Fund in the State Treasury which is also required.
The following individuals will be authorized upon adoption of the attached resolutions:
1. M. Venus Rodriguez, Finance Officer
2. Kuljit Singh, Deputy Finance Officer
3. Frank Quintero, Deputy City Manager
4. Stephanie R. Dietz, City Manager
IMPACT ON CITY RESOURCES
No appropriation of funds is needed.
ATTACHMENTS
1. Resolution 2023-40
2. Resolution 2023-41
3. Resolution PFA 2023-01
4. Resolution PFA 2023-02
5. Resolution PA 2023-01
6. Resolution PA 2023-02