JOINT ITEM before the City Council and Redevelopment Agency: Approval of a Professional Services Agreement with MBIA Asset Management for Professional Review of the City s/Agency s Investment Policy Practices and Procedures. City of Culver City California City Council and Redevelopment Agency Agenda Item Report Meeting Date: 2/4/08 AGENDA ITEM: JOINT ITEM Approval of a Professional Services Agreement with MBIA Asset Management for Professional Review of the City s and Agency s Investment Policies Practices and Procedures. Contact Person/Dept.: Mary V. Noller Phone Number: (310) 253 6012 Item Number: J 1 Fiscal Impact: Yes X No General Fund: Yes X No Budget & Finance Action Item: Public Hearing: Public Notification: Master Notification List 01/30/08; Mr. David W. Witthohn Director MBIA Asset Management 01/29/08 Department Approval: Jeff Muir (01/28/08) Sol Blumenfeld (01/28/08) Fiscal Impact Review: Jeff Muir (01/30/08) City Attorney Approval: Carol Schwab (by H. Baker) (01/30/08) City Manager Approval: Jerry B. Fulwood (01/30/2008) Attachments: RECOMMENDATION: Staff recommends the City Council and Redevelopment Agency approve a professional services agreement with MBIA Asset Management (MBIA) for professional review of the City s and Agency s investment policies practices and procedures. BACKGROUND: During the April 2006 election Culver City voters approved a change in the City Charter where both the City Treasurer s and City Clerk s elected status will cease as of April 9 2008. Until that date the elected City Treasurer remains responsible for the investment of the City and Redevelopment Agency s funds. The City Council approved the creation of a Finance Department with a Chief Financial Officer (CFO) as head of the department to combine the functions currently performed in the City Treasurer s Office and the City Controller s Office. The Chief Financial Officer will assume the duties of the City Treasurer on April 9 2008 which will the City and Redevelopment Agenc...
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