HomeMy WebLinkAboutAGENDA REPORT 2022 0601 CCSA REG ITEM 10ECITY OF MOORPARK, CALIFORNIA
City Council Meeting
of June 1, 2022
ACTION ADOPTED RESOLUTION NO.
2022-4100 RESCINDING RESOLUTION
NO. 2021-4027. (ROLL CALL VOTE:
UNANIMOUS)
BY A. Hurtado.
E. Consider Resolution Amending the Authorization of Investment of City Monies in
the Ventura County Investment Pool Fund and Rescinding Resolution No. 2021-
4027. Staff Recommendation: Adopt Resolution No. 2022-4100 Amending the
Authorization of Investment of City Monies in the Ventura County Investment Pool
Fund and Rescinding Resolution No. 2021-4027. (ROLL CALL VOTE
REQUIRED) (Staff: Vivien Avella, Treasurer/Finance Director)
Item: 10.E.
MOORPARK CITY COUNCIL
AGENDA REPORT
TO: Honorable City Council
FROM: Vivien Avella, City Treasurer/Finance Director
DATE: 06/01/2022 Regular Meeting
SUBJECT: Consider Resolution Amending the Authorization of Investment of City
Monies in the Ventura County Investment Pool Fund and Rescinding
Resolution No. 2021-4027
SUMMARY
Given recent organizational changes, a formal update of City Officers authorized to
execute transactions for the City’s account with the Ventura County Investment Pool (VC
Pool) is required.
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 April 7, 2004, City Council approved
Resolution No. 2004-2176 to add the VC Pool as an option to diversify the City’s investment
portfolio as the Local Agency Investment Fund (LAIF) investment limit had been exceeded.
The same Resolution also authorized certain City Officers to deposit or withdraw monies
from the City’s VC Pool account.
On June 3, 2020, the City Council approved Resolution No. 2020-3917, which updated City
Officers authorized to deposit or withdraw monies from the City’s VC Pool account due to
staffing changes. Subsequently on July 7, 2021, the City Council approved Resolution No.
2021-4027, to further update City personnel with authority to execute deposits and
withdrawals to the VC Pool account as follows:
City Manager
Assistant City Manager
Finance Director/City Treasurer
Item: 10.E.
242
Honorable City Council
06/01/2022 Regular Meeting
Page 2
The current resolution under consideration would further update City personnel authorized
to deposit or withdraw monies from the City’s VC Pool account as follows:
City Manager
Assistant City Manager
Finance Director/City Treasurer
Accountant II
It should be noted that investment transactions in the VC Pool each require two authorized
City personnel to execute. This list of positions is identical to the approved City personnel
for the City’s LAIF account. Investment in the VC Pool is consistent with the City’s
Investment Policy for Fiscal Year 2021/22 per Resolution No. 2021-4038.
FISCAL IMPACT
None.
COUNCIL GOAL COMPLIANCE
This action does not support a current strategic directive.
STAFF RECOMMENDATION (ROLL CALL VOTE REQUIRED)
Adopt Resolution No. 2022-____ Amending the Authorization of Investment of City Monies
in the Ventura County Investment Pool Fund and Rescinding Resolution No. 2021-4027.
Attachment: Draft Resolution No. 2022-____
243
ATTACHMENT
RESOLUTION NO. 2022-______
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, AUTHORIZING INVESTMENT
OF CITY MONIES IN THE VENTURA COUNTY
INVESTMENT POOL, AND RESCINDING RESOLUTION
NO. 2021-4027
WHEREAS, the Investment Policy of the City of Moorpark states that excess City
funds may be invested in accordance with the principles of sound treasury management
and the provisions of California Government Code Section 53600, et seq., the Municipal
Code and the Policy; and
WHEREAS, the Investment Policy of the City of Moorpark further states that the
City Treasurer may invest in 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, on June 3, 2020, City Council adopted Resolution No. 2020-3917
which authorized the City Manager, Assistant City Manager, Finance Director / City
Treasurer and Deputy Finance Director to order the deposit and withdrawal of monies
from the City’s account; and
WHEREAS, on July 7, 2021, City Council adopted Resolution No. 2021-4027
which authorized the City Manager, Assistant City Manager and Finance Director/City
Treasurer 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 organizational changes.
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Resolution No. 2022-_____
Page 2
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:
City Manager
Assistant City Manager
Finance Director/City Treasurer
Accountant II
SECTION 3. Resolution No. 2021-4027 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 1st day of June 2022.
_______________________________
Janice S. Parvin, Mayor
ATTEST:
________________________________
Ky Spangler, City Clerk
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