HomeMy WebLinkAboutAGENDA REPORT 2020 0603 REG CCSA ITEM 10JCITY OF MOORPARK, CALIFORNIA
City Council Meeting
of June 03, 2020
ACTION Adopted Resolution No. 2020-
3917.
BY B.Garza.
J. Consider Resolution Amending the Authorization of Investment of City Monies in
the Ventura County Investment Pool Fund and Rescinding Resolution No. 2004-
2176. Staff Recommendation: Adopt Resolution No. 2020-3917 Amending the
Authorization of Investment of City Monies in the Ventura County Investment Pool
Fund and Rescinding Resolution No. 2004-2176. (Staff: Irmina Lumbad)
Item: 10.J.
MOORPARK CITY COUNCIL
AGENDA REPORT
TO: Honorable City Council
FROM: Kambiz Borhani, Finance Director
BY: Irmina Lumbad, Deputy Finance Director
DATE: 06/03/2020 Regular Meeting
SUBJECT: Consider Resolution Amending the Authorization of Investment of City
Monies in the Ventura County Investment Pool Fund and Rescinding
Resolution No. 2004-2176
SUMMARY
The authorized City Officers need to be updated to include current staff for conducting
business with the Ventura County Investment Pool Fund (VC Pool).
DISCUSSION
The Ventura County Treasurer-Tax Collector established an investment pool for local
agencies, regulated by Government Code Section 53684 and adopted by the Ventura
County Board of Supervisors on July 21, 1987. On the April 7, 2004, City Council
approved Resolution No. 2004-2176 to add VC Pool as an option to diversify the City’s
investment portfolio since the Local Agency Investment Fund (LAIF) investment limit has
been exceeded. The same Resolution also authorized the following City Officers to
deposit or withdraw monies from the City’s VC Pool account:
City Manager
City Treasurer
Budget and Finance Manager
Over the years with various changes in the organization it is apparent that the prevailing
Resolution should be updated to reflect the authorized City Officers as follows:
City Manager
Assistant City Manager
Finance Director/City Treasurer
Deputy Finance Director
Item: 10.J.
657
Honorable City Council
06/03/2020 Regular Meeting
Page 2
The list of positions is identical with the approved City Officers for the City’s LAIF account.
Investment in the VC Pool is consistent with the City’s Investment Policy for Fiscal Year
2019/20 per Resolution No. 2019-3844.
FISCAL IMPACT
None.
COUNCIL GOAL COMPLIANCE
This action does not support a current strategic directive.
STAFF RECOMMENDATION (ROLL CALL VOTE REQUIRED)
Adopt Resolution No. 2020-____ Amending the Authorization of Investment of City Monies
in the Ventura County Investment Pool Fund and Rescinding Resolution No. 2004-2176.
Attachment: Draft Resolution No. 2020-____
658
ATTACHMENT
RESOLUTION NO. 2020-______
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, AUTHORIZING INVESTMENT
OF CITY MONIES IN THE VENTURA COUNTY
INVESTMENT POOL, AND REPEALING RESOLUTION
NO. 2004-2176
WHEREAS, the Investment Policy of the City of Moorpark states that excess City
funds may be invested in accordance with the principals of sound treasury management
and the provisions of California Government Code Section 53600, et seq., the Municipal
Code and this policy; and
WHEREAS, the Investment Policy of the City of Moorpark further states that the
City Treasurer may invest in a County Pooled Investment Funds in accordance with the
laws and regulations governing those Funds and State Law per Government Code
Section 53684; and
WHEREAS, the Ventura County Treasurer-Tax Collector has established an
investment pool for local agencies, regulated by Government Code Section 53684 and
adopted by the Ventura County Board of Supervisors on July 21, 1987; and
WHEREAS, on April 7, 2004 City Council adopted Resolution No. 2004-2176
which authorized the investment of excess city funds in the Ventura County Investment
Pool; and authorized the City Manager, City Treasurer and Budget and Finance
Manager to order the deposit and withdrawal of monies from the City’s account; and
WHEREAS, the list of City Officers authorized to order the deposit and
withdrawal of monies from the City’s Ventura County Investment Pool account should
be updated to reflect the organization changes.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK
DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City Council does hereby authorize the deposit and withdrawal
of City monies in the Ventura County Investment Pool Fund in accordance with the
provision of Government Code Section 53684; and
SECTION 2. The following City Officers holding the title(s) specified hereinbelow
or their successors in office are each hereby authorized to order the deposit or
withdrawal of monies in the Ventura County Investment Pool Fund and may execute
and deliver any and all documents necessary or advisable in order to effectuate the
purposes of this resolution and truncations contemplated hereby:
659
Resolution No. 2020-_____
Page 2
City Manager
Assistant City Manager
Finance Director/City Treasurer
Deputy Finance Director
SECTION 3. Resolution No. 2004-2176 shall be rescinded, and this new
resolution shall remain in full force and effect until rescinded by the City Council by
resolution and a copy of the resolution rescinding this resolution is filed with the Ventura
County Auditor-Controller’s Office and Office of the Ventura County Treasurer-Tax
Collector.
SECTION 4. The City Clerk shall certify to the adoption of this resolution and
shall cause a certified resolution to be filed in the book of original resolutions.
PASSED AND ADOPTED this 3rd day of June 2020.
_______________________________
Janice S. Parvin, Mayor
ATTEST:
________________________________
Ky Spangler, City Clerk
660