HomeMy WebLinkAboutAGENDA REPORT 2022 1005 CCSA REG JNT DC ITEM 10ECITY OF MOORPARK, CALIFORNIA
City Council Meeting
of October 5, 2022
ACTION ADOPTED RESOLUTION NO.
2022-4138. (ROLL CALL VOTE: 4-0,
COUNCILMEMBER POLLOCK ABSENT)
BY A. Hurtado.
E. Consider Resolution of Annual Delegation of Investment Authority to the City
Treasurer. Staff Recommendation: Adopt Resolution No. 2022-4138, delegating
investment authority to the City Treasurer for a period of one year. (Staff: Vivien
Avella, Finance Director/City Treasurer) (ROLL CALL VOTE REQUIRED)
Item: 10.E.
MOORPARK CITY COUNCIL
AGENDA REPORT
TO: Honorable City Council
FROM: Vivien Avella, Finance Director/City Treasurer
DATE: 10/05/2022 Regular Meeting
SUBJECT: Consider Resolution of Annual Delegation of Investment Authority to
the City Treasurer
BACKGROUND AND DISCUSSION
Pursuant to California Government Code Sections 53601 and 53607, authority to invest
and reinvest funds of the City, and to sell or exchange securities purchased for
investment, is vested in the City Council. Pursuant to and in accordance with Code
Section 53606, such investment authority may be delegated by the City Council to the
City Treasurer for a one-year period, renewable annually subject to review. Any such
delegation of investment authority by the City Council to the City Treasurer shall be made
by resolution.
As originally enacted in 1996, California Government Code Section 53646 required the
City Council to further adopt an investment policy on an annual basis. Subsequent
changes to Section 53646 adopted in 2004 and 2009 make annual adoption of the
investment policy optional but added language encouraging local agency officials to
continue the annual review and adoption process. The City Council has reviewed and
accepted such a policy on an annual basis for several years. Staff is currently working
on a more comprehensive update of its Investment Policy.
The annual delegation of investment authority is mandatory, while the annual Investment
Policy revision, although recommended, is optional. In the past, the delegation of
investment authority was granted concurrently with the Investment Policy revision,
pursuant to Section 5 of said Policy. This year, each item will be presented separately
for Council consideration. Moorpark Municipal Code Chapter 3.16.010 provides that if
adoption of the Investment Policy is impracticable, consideration of the delegation of
investment authority to the City Treasurer may take place at a public meeting at any time
during the year that is convenient for the City Council.
Item: 10.E.
135
Honorable City Council
10/05/2022 Regular Meeting
Page 2
Consistent with Government Code 53606 staff recommends City Council complete the
annual investment authority delegation via the attached resolution.
FISCAL IMPACT
There is no direct fiscal impact to the proposed action.
COUNCIL GOAL COMPLIANCE
This action does not support a current strategic directive.
STAFF RECOMMENDATION (ROLL CALL VOTE REQUIRED)
Adopt Resolution No. 2022-____, delegating investment authority to the City Treasurer
for a period of one year.
Attachment: Draft Resolution No. 2022-___
136
ATTACHMENT
RESOLUTION NO. 2022-____
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MOORPARK, CALIFORNIA, DELEGATING CITY
INVESTMENT AUTHORITY TO THE CITY TREASURER
FOR A ONE YEAR PERIOD
WHEREAS, pursuant to Article 1 of Chapter 4 of Part 1 of Division 2 of Title 5 of
the California Government Code, including but not limited to, Sections 53601 and 53607
therein, the authority to invest and reinvest funds of the City, and to sell or exchange
securities so purchased for investment, is vested in the City Council; and
WHEREAS, pursuant to and in accordance with, and to the extent allowed by,
Section 53607 of the California Government Code, such investment authority may be
delegated by the City Council to the City Treasurer for a one (1) year period, renewable
annually subject to review; and
WHEREAS, on October 5, 2022, a staff report was presented to the City Council
requesting the annual delegation of investment authority to the City Treasurer; and
WHEREAS, through said delegation the City Treasurer is responsible for
implementation of the City’s Investment Policy in compliance with applicable California
Government Code Sections and the Moorpark Municipal Code.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MOORPARK DOES
HEREBY RESOLVE AS FOLLOWS:
SECTION 1. The City Council, for itself and as the legislative body of the Related
Entities, hereby delegates its investment authority with respect to the funds of the City
and the Related Entities to the City Treasurer (acting in the capacities of City Treasurer
and treasurer of the Related Entities).
SECTION 2. The City Clerk shall certify to the adoption of the resolution and shall
cause a certified resolution to be filed in the book of original resolutions.
PASSED AND ADOPTED this 5th day of October, 2022.
Janice S. Parvin, Mayor
ATTEST:
Ky Spangler, City Clerk
137