title
CC:HA:SA - CONSENT ITEM: Adoption of Respective Resolutions Authorizing Designated Representatives to Initiate the Housing Authority Investment Account, Deposit and Withdraw Funds as Well as Make Account Changes with the State Local Agency Investment Fund on Behalf of Culver City, the Successor Agency to the Culver City Redevelopment Agency and the Culver City Housing Authority.
body
Meeting Date: May 28, 2024
Contact Person/Dept: Lisa Soghor/Finance
Phone Number: (310) 253-5865
Fiscal Impact: Yes [] No [X] General Fund: Yes [] No []
Public Hearing: [] Action Item: [] Attachments: Yes [X] No []
Public Notification: (E-Mail) Meetings and Agendas - City Council (05/22/2024)
Department Approval: Lisa Soghor, Chief Financial Officer (05/16/2024)
______________________________________________________________________
RECOMMENDATION
Staff recommends the City Council, the Successor Agency to the Culver City Redevelopment Agency (Successor Agency) Board and the Culver City Housing Authority (Housing Authority) Board adopt respective resolutions authorizing designated representatives to initiate the housing Authority investment account, deposit and withdraw funds as well as make account changes to the City/Successor Agency/Housing Authority State Local Agency Investment Fund (LAIF) accounts.
BACKGROUND
The City and the Successor Agency both have general investment accounts with LAIF as authorized by the City’s and Successor Agency’s Investment Policies. The Housing Authority Investment Account will be set up with LAIF as authorized by the Housing Authority Investment Policy. The City needs to change some of the representatives previously authorized to contact LAIF and make deposits or withdrawals, by filing an updated resolution with LAIF. The authorized representatives would be:
1. John M. Nachbar, City Manager / Executive Director
2. Lisa Soghor, Chief Financial Officer
3. Mary Noller, Budget and Financial Operations Manager
4. Punit Chokshi, Senior Management Analyst
FISCAL ANALYSIS
There is no fiscal impact from adopting the respective resolutions. Depositing some of the Housing Authority funds in LAIF could generate additional interest.
ATTACHMENTS
1. 2024_05_28_Att_Proposed City LAIF Resolution
2. 2024_05_28_Att_Proposed Successor Agency LAIF Resolution
3. 2024_05_28_Att_Proposed Housing Authority LAIF Resolution
MOTION
That the City Council, Successor Agency Board and Housing Authority Board:
Adopt respective resolutions authorizing designated representatives to initiate the Housing Authority investment account, deposit and withdraw funds, as well as make account changes, with the State Local Agency Investment Fund.