Laserfiche WebLink
City of San Leandro <br />Meeting Date: October 3, 2022 <br />Staff Report <br />Agenda Section:File Number:22-528 CONSENT CALENDAR <br />Agenda Number:10.k. <br />TO:City Council <br />FROM:Fran Robustelli <br />City Manager <br />BY:T. Michael Yuen <br />Finance Director <br />TITLE:Adopt Three (3) Resolutions Updating Designations of Persons Authorized to <br />Make Financial Transactions and Investments of Funds <br />SUMMARY AND RECOMMENDATION <br />Staff recommends three resolutions be approved by the City Council: <br />1.Designating signers on City checks and authorizing City officials to make fund transfers. <br />2.Designating certain depositories and authorizing City officials to remit money in the City <br />treasury to the State Treasurer for deposit in the Local Agency Investment Fund (LAIF). <br />3.Authorizing Successor Agency for the Redevelopment Agency of the City of San Leandro <br />officials to remit monies to the State Treasurer for deposit or withdrawal from LAIF. <br />BACKGROUND <br />The San Leandro City Charter provides that all City checks be authenticated by signatures of the <br />City Manager and the Finance Director or their respective assistants. Considering recent <br />personnel changes, it is necessary to update the required signers and grant authority for <br />depositing funds into certain banks and depositories and make deposits and withdrawals for City <br />and Successor Agency LAIF accounts. <br />Staff recommends that T. Michael Yuen be added as Finance Director and Scott Koll added for <br />the Finance Department. In addition to dual signatures required by the City Manager and <br />Finance Director on City checks, these individuals will be authorized to initiate fund transfers by <br />telephone or wire instructions for the conduct of City business with the state. Signing authority <br />was last updated on November 15, 2021. <br />The recommended changes established by City Council resolution will insure deposits and <br />withdrawals can be made in a timely manner, supporting the City Council’s goal to place San <br />Leandro on a firm foundation for long-term fiscal sustainability. <br />Current Agency Policies <br />·San Leandro City Charter, Section 550: Signatures on Checks states, “City checks shall bear <br />the facsimile signatures of the City Manager and the Finance Director or their respective <br />Page 1 City of San Leandro Printed on 9/28/2022