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Agenda Item 26.

City Council Meeting

Meeting Date:	08/21/2018
FROM:	Bill Gallardo

Subject:

Adoption of the City of Brea Resolution Authorizing Investment of Monies in the Local Agency Investment Fund (LAIF)

RECOMMENDATION

Adopt the resolution authorizing the City Treasurer and Administrative Services Director to invest monies on behalf of City of Brea in the State of California Treasurer's Office Local Agency Investment Fund (LAIF)

BACKGROUND/DISCUSSION

The City of Brea has been investing funds in the Local Agency Investment Fund (LAIF) since March 1, 1977. LAIF has proven to be a steady and consistent source for investment income, providing ready access to operating funds on an as-needed basis, in a manner similar to a money market fund for a private individual or family.

This program offers local agencies the opportunity to participate in a major portfolio, which invests hundreds of millions of dollars, using the investment expertise of the Treasurer's Office investment staff, at no additional cost to the taxpayer. The LAIF in-house management team is comprised of investment professionals.

Periodically, LAIF requests that participating agencies review and update authorizing documents, including the attached resolution authorizing investment of monies in the Local Agency Investment Fund for the City. This action allows both the City Treasurer and the Administrative Services Director to authorize apppropriate personnel to deposit or withdraw monies in the Local Agency Investment Fund. Both signatures are required to makes changes to the authorized personnel list.

COMMISSION/COMMITTEE RECOMMENDATION

On July 23, 2018, the Investment Advisory Committee reviewed the Resolution Authorizing Investments of Monies in the Local Agency Investment Fund (LAIF) and recommended for City Council approval.

FISCAL IMPACT/SUMMARY

There is no fiscal impact from the adoption of the LAIF resolution.

RESPECTFULLY SUBMITTED:

William Gallardo, City Manager
Prepared by: Faith Madrazo, Revenue and Budget Manager
Concurrence: Cindy Russell, Administrative Services Director

Attachments
Resolution