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AGENDA REPORT
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| | | | | | | | DATE:
| September 21, 2021
| TO:
| Mayor and City Council
| FROM:
| Stefan T. Chatwin, City Manager
| | SUBJECT: | Resolution 2021-229 of the City Council of the City of Fairfield Authorizing the Investment of Monies of the Fairfield Public Financing Authority in the Local Agency Investment Fund (LAIF) by Certain Officers and Authorizing Them to Order the Deposit or Withdrawal of Monies in LAIF; and
Resolution SA2021-01 of the Successor Agency to the Fairfield Redevelopment Agency of the City of Fairfield Authorizing the Investment of Successor Agency Monies in the Local Agency Investment Fund (LAIF) by Certain Officers and Authorizing Them to Order the Deposit or Withdrawal of Monies in LAIF |
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| | | | | | | | | RECOMMENDED ACTION | | Adopt resolutions. |
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| | | | | | | | | STATEMENT OF ISSUE | | The State Local Agency Investment Fund (LAIF) has indicated that the City, the Fairfield Public Financing Authority (Authority) and the Successor Agency must update their records with LAIF and submit a current official record of the staff members that are authorized to deposit and withdraw funds for the City, the Authority and the Successor Agency. City Council is being asked to not only approve the list of staff members, but reaffirm the City’s authority to invest funds in LAIF. |
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| | | | | | | | | DISCUSSION | The Local Agency Investment Fund is established in the State Treasury for the deposit of money of a local agency for purposes of investment by the State Treasurer. The City has invested funds in LAIF since 1977 and staff continues to recommend LAIF for the purpose of investment. LAIF is a safe and secure investment vehicle that is used by 475 cities throughout the State. Currently, LAIF manages assets of approximately $32.3 billion.
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| | | | | | | | | PUBLIC CONTACT/ADVISORY BODY RECOMMENDATION | N/A
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| | | | | | | | | ALTERNATIVE ACTION | Council could choose not to approve the resolutions, which would result in LAIF not allowing the City to continue to invest its funds with the Agency.
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| | | | | | | | | STAFF CONTACT | Emily Combs, Director of Finance
(707) 428-7629
ecombs@fairfield.ca.gov
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| REVIEWERS: | | Reviewer | Action | Date | | Answerer | Rejected | 8/26/2021 - 6:49 PM | | Garibay, Ana | Approved | 8/27/2021 - 8:55 AM | | Answerer | Approved | 9/1/2021 - 11:19 AM | | Garibay, Ana | Approved | 9/1/2021 - 5:01 PM | | Answerer | Approved | 9/2/2021 - 4:39 PM | | Alexander, Amber | Approved | 9/13/2021 - 11:50 AM | | Alexander, Amber | Approved | 9/13/2021 - 11:50 AM |
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