HomeMy WebLinkAboutAGENDA REPORT 1991 0403 CC REG ITEM 08JPAUL W. LAWRASON JR
Mayor
BERNARDO M. PEREZ
Mayor Pro Tern
SCOTT MONTGOMERY
Councilmember
JOHN E. WOZNIAK
Councilmember
LILLIAN KELLERMAN
City Clerk
TO:
FROM:
DATE:
SUBJECT:
Background
MOORPARK ITEM P*,T,
DORPARK CAUFORMA
City Coucro Meg"
of ` �_ 199
HONORABLE CITY COUNCIL
RICHARD HARE, DEPUTY CITY
March 28, 1991
MANAGER
STEVEN KUENY
City Manager
CHERYL J.KANE
City Attorney
PATRICK RICHARDS, A.I.C.P.
Director of
Community Development
JOHN F. KNIPE
City Engineer
JOHN V. GILLESPIE
Chief of Police
RICHARD T. HARE
City Treasurer
CONSIDER RESOLUTION AUTHORIZING THE JOINT INVESTMENT OF
CITY AND AGENCY FUNDS
The City Council and the Moorpark Redevelopment Agency are both
governed by the same requirements for the investment of idle cash.
Currently, I serve as both the City Treasurer and the Agency
Treasurer. All idle cash for both entities is therefore invested
under the same rules and policies.
Larger investments such as certificates of deposit or treasury
bills typically earn higher rates of interest than smaller
investments like money market accounts. Also ooled the Local Agency Investment Fund are avai able u p to ancestablished with
maximum level and the current accounts are not being used at the
allowable maximum level. In order to simplify investments,
increase..,interest earnings on larger blocks of investments
fully use available accounts, it is suggested that the attached
resolution be approved.
Pooling of investments between several agencies is very common.
For an example, the Local Agency Investment Fund pools local
agencies' monies with state investments. County typically pool investments of several agencies treasurers within their also
respective counties including cities.
independent auditing firm, Ernst and Young, City and RDA's
Pooling or co- mingling funds as a method o�incr easeeoureyieldsdon
investments. They stressed that allocation of interest earnings
between agencies should be made on a monthly basis.
1 zvu moorpark Avenue
Moorpark, California 93021
(805) 529 -6864
The attached resolution authorizes co- mingling or pooling of the
City of Moorpark and Redevelopment Agency investments provided that
a monthly allocation of interest earnings be made between the
entities. Per the recommendation of the Budget and Finance
Committee, and as funded and approved by the City Council, the ADS
Portfolio Management System has been installed. When coupled with
the reports provided by the Local Agency Investment Fund the
portfolio management system allows for monthly crediting of
interest earnings to the appropriate entity for all current
investment instruments authorized by the City Council.
Recommendation
The Budget and Finance Committee and staff discussed the
integration of investments at their meeting held March 20, 1991 and
recommend adoption of the resolution.
+i.
RESOLUTION NO.
A RESOLUTION OF THE CITY OF MOORPARK,
CALIFORNIA, AUTHORIZING THE JOINT
INVESTMENT OF CITY AND AGENCY FUNDS.
WHEREAS, Pursuant to Section 53601 of the California
Government Code, the City of Moorpark does hereby authorize the
investment of funds pursuant to this section and with consent of
the Board of the Moorpark Redevelopment Agency, deposit excess
funds in the Agency Treasury for the purpose of investment by the
Agency Treasurer pursuant to Section 53601 or 53635 of the
California Government Code; and
WHEREAS, the City does hereby find that the deposit and
withdrawal of money in the Agency Treasury in accordance with the
provisions of Section 53601 of the Government Code for the
purposes of investment as stated therein is in the best interests
of the City of Moorpark.
NOW, THEREFORE, BE IT RESOLVED that the City does hereby
authorize the deposit and withdrawal of City monies in the Agency
Treasury in accordance with the provisions of Section 53601 of
the Government Code for the purpose of investment as stated
therein; and
BE IT FURTHER RESOLVED that the following City officers or
their successors in office shall be authorized to order the
deposit or withdrawal of City monies in the Agency Treasury
provided a monthly allocation of interest earnings is calculated
and reported to the Agency and the City of Moorpark.
RICHARD HARE, CITY TREASURER
,STEVEN KUENY, CITY MANAGER
4W1.
PASSED AND ADOPTED this day of
ATTEST:
1991.
Paul W. Lawrason Jr., Mayor
City of Moorpark
Moorpark, California
Dot Vandaveer, Deputy City-Clerk