TO: Honorable Mayor and Council
FROM: Gregory A. Smothers, Interim Administrative Services Director
SUBJECT:Title
Adopt Resolution No. 15-2947 Authorizing Officers/Agents to Deposit, Transfer, and Withdraw Monies in the Local Government Investment Pool for FY 2015-16
Body
FUNDING SOURCE:
N/A
PURPOSE:
To authorize officers/agents to handle monies related to the Local Government Investment Pool (LGIP) as required annually.
BACKGROUND:
Lake Havasu City has been investing in the LGIP since April 1986. The City finds the LGIP an attractive investment because of its general safety and the minimization of credit, market, and liquidity risks. As an internal control measure, transfers of these funds are restricted and can only occur between the LGIP and Lake Havasu City's main checking account and cannot be directed elsewhere. These transfers cover normal City business activities and can be initiated by any of the authorized personnel listed below.
The Administrative Services Department prepares a daily report of funds in the main checking account and LGIP, and generally transfers to/from the LGIP accounts once or twice a week depending on cash needs.
The City is required by the State Treasurer's Office to inform them annually, by resolution, of the individuals authorized to invest, transfer, or withdraw monies. In accordance with the attached resolution, the following individuals shall be authorized officers/agents:
Name Title
Gregory A. Smothers Interim Administrative Services Director
Tim Henry Finance Division Manager
Shannon Worrell Senior Accountant
COMMUNITY IMPACT:
Ensures State requirements are met.
FISCAL IMPACT:
N/A
ATTACHMENTS:
Resolution No. 15-2947
SUGGESTED MOTION:Recommended Action
I move to adopt Resolution No. 15-2947 authorizing certain Lake Havasu City officers/agents to order the deposit, transfer, and withdraw monies in the Local Government Investment Pool for FY 2015-16.