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Home My WebLink AboutAGENDA REPORT 2025 0604 CC REG ITEM 10BCITY OF MOORPARK, CALIFORNIA City Council Meeting of June 4, 2025 ACTION APPROVED STAFF RECOMMENDATION, INCLUDING ADOPTION OF RESOLUTION NO. 2025- 4322, RESCINDING RESOLUTION NO. 2022-4100. (ROLL CALL VOTE: 4-0, COUNCILMEMBER MEANS ABSENT) BY A. Hurtado. B. Consider Resolution Amending the Authorization of Investment of City Monies in the Ventura County Investment Pool Fund and Rescinding Resolution No. 2022- 4100. Staff Recommendation: 1) Adopt Resolution No. 2025-4322 Amending the Authorization of Investment of City Monies in the Ventura County Investment Pool Fund; and 2) Delegate signing authority to the City Manager or Assistant City Manager, in absence of the City Manager, to execute the following forms: a. County of Ventura Auditor-Controller Signature Authorization; and b. County of Ventura Auditor-Controller Authorized Signatures for Wire Transfers; and Rescind Resolution No. 2022-4100. (Staff: Hiromi Dever, Finance Director) (ROLL CALL VOTE REQUIRED) Item: 10.B. MOORPARK CITY COUNCIL AGENDA REPORT TO: Honorable City Council FROM: Hiromi Dever, Finance Director DATE: 06/04/2025 Regular Meeting SUBJECT: Consider Resolution Amending the Authorization of Investment of City Monies in the Ventura County Investment Pool Fund and Rescinding Resolution No. 2022-4100 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 April 7, 2004, City Council approved Resolution No. 2004-2176 to add VC Pool as an option to diversify the City’s investment portfolio. On June 1, 2022, City Council approved Resolution No. 2022-4100 authorizing the following City Officers to deposit or withdraw monies from the City’s VC Pool account: City Manager Assistant City Manager Finance Director/City Treasurer Accountant II In June 2023, Budget and Finance Manager position was added to enhance operational efficiency within the Finance Department. To reflect the current personnel authorized to conduct or assist with investment activities, the resolution should be updated as follows: City Manager Assistant City Manager Finance Director/City Treasurer Accountant II Budget and Finance Manager Item: 10.B. 187 Honorable City Council 06/04/2025 Regular Meeting Page 2 The list of positions is consistent with Resolution No. 2025-4307, which authorizes City Officers for the Local Agency Investment Fund (LAIF) account. The investment in the VC Pool aligns with the City’s Investment Policy for Fiscal Year 2024/25, as adopted by Resolution No. 2024-4257. The Ventura County Auditor-Controller requires local agencies to complete and submit the following forms on an annual basis: •County of Ventura Auditor-Controller Signature Authorization; and •County of Ventura Auditor-Controller Authorized Signatures for Wire Transfers Staff recommends that the City Council delegate authority to the City Manager, or in the absence of the City Manager, the Assistant City Manager, to execute these forms. ENVIRONMENTAL DETERMINATION This action is exempt from the California Environmental Quality Act (CEQA) as it does not constitute a project, as defined by Section 15378 of the State CEQA Guidelines. Therefore, no environmental review is required. FISCAL IMPACT None. COUNCIL GOAL COMPLIANCE This action does not support a current strategic directive. STAFF RECOMMENDATION (ROLL CALL VOTE REQUIRED) 1.Adopt Resolution No. 2025-____ Amending the Authorization of Investment of City Monies in the Ventura County Investment Pool Fund; and 2.Delegate signing authority to the City Manager or Assistant City Manager, in absence of the City Manager, to execute the following forms: a.County of Ventura Auditor-Controller Signature Authorization; and b.County of Ventura Auditor-Controller Authorized Signatures for Wire Transfers; and 3.Rescind Resolution No. 2022-4100. Attachment: Draft Resolution No. 2025-____ 188 ATTACHMENT RESOLUTION NO. 2025-______ A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, AUTHORIZING INVESTMENT OF CITY MONIES IN THE VENTURA COUNTY INVESTMENT POOL FUND, AND RESCINDING RESOLUTION NO. 2022-4100 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, 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, on June 1, 2022, City Council adopted Resolution No. 2022-4100 which authorized the City Manager, Assistant City Manager, Finance Director/City Treasurer and Accountant II 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: 189 Resolution No. 2025-____ Page 2 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 Budget and Finance Manager SECTION 3. The City Council hereby delegates authority to the City Manager, or in their absence, the Assistant City Manager, to execute the following forms: 1.County of Ventura Auditor-Controller Signature Authorization Local Agencies; and 2.County of Ventura Auditor-Controller Authorized Signatures for Wire Transfers SECTION 4. Resolution No. 2022-4100 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 5. 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 4th day of June, 2025. _______________________________ Chris R. Enegren, Mayor ATTEST: ________________________________ Ky Spangler, City Clerk 190