HomeMy WebLinkAboutCC 2025-02-25_09b Resolution Updating Authorized PersonnelItem 9.b.
MEMORANDUM
TO: City Council
FROM: Nicole Valentine, Director of Administrative Services
SUBJECT: Resolution to Update Accounting Manager Name for Authorized
Personnel for Financial Institutions
DATE: February 25, 2025
RECOMMENDATION:
1) Adopt a Resolution authorizing the deposit of City funds in various financial institutions
and updating the names of designated employees in certain positions who are authorized
to make deposits of City funds and enter into banking or investment arrangements; and
2) Determine that adopting a resolution authorizing the deposit of City funds in various
financial institutions and updating the names of designated employees in certain pos itions
who are authorized to make deposits of City funds and enter into banking or investment
arrangements is not subject to the California Environmental Quality Act (“CEQA”)
because it has no potential to result in either a direct, or reasonably foreseeab le indirect,
physical change in the environment. (State CEQA Guidelines, Cal. Code Regs., tit. 14,
§§ 15060, subd. (c)(2)-(3), 15378.)
IMPACT ON FINANCIAL AND PERSONNEL RESOURCES:
There are no significant financial or personnel resource impacts to updating the
Resolution.
BACKGROUND:
In 2024, the City Council adopted Resolution No. 5343, which authorized the deposit of
City funds in various financial institutions and authorized certain employees to act on
behalf of the City in banking or investment relationships. Since that time, the Resolution
has been updated as position titles and banking regulations have changed.
ANALYSIS OF ISSUES:
Regulations for the banking industry require that the City’s Resolution authorizing
employees to act on behalf of the City in banking and investment relationships include
the names of the employees currently serving in the position, rather than just the titles.
The City hired a new Accounting Manager, who began work with the City on February 18,
2025. The proposed Resolution adds the Accounting Manager’s name and makes no
other changes.
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Item 9.b.
City Council
Resolution to Update Accounting Manager Name for Authorized Personnel for
Financial Institutions
February 25, 2025
Page 2
ALTERNATIVES:
The following alternatives are provided for the Council’s consideration:
1. Adopt the Resolution as presented;
2. Modify and adopt the Resolution; or
3. Provide other direction to staff.
ADVANTAGES:
Updating the Resolution will reflect the current names of persons authorized to enter into
banking and investment relationships for the City and provides documentation compliant
with banking regulations.
DISADVANTAGES:
There are no disadvantages in relation to the recommended action .
ENVIRONMENTAL REVIEW:
Adopting a resolution authorizing the deposit of City funds in various financial institutions
and updating the names of designated employees in certain positions who are authorized
to make deposits of City funds and enter into banking or investment arrangements is not
subject to the California Environmental Quality Act (“CEQA”) because it has no potential
to result in either a direct, or reasonably foreseeable indirect, physical cha nge in the
environment. (State CEQA Guidelines, Cal. Code Regs., tit. 14, §§ 15060, subd. (c)(2)-
(3), 15378.)
PUBLIC NOTIFICATION AND COMMENTS:
The Agenda was posted at City Hall and on the City’s website in accordance with
Government Code Section 54954.2.
ATTACHMENTS:
1. Proposed Resolution
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RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ARROYO GRANDE AUTHORIZING THE DEPOSIT OF CITY
FUNDS IN VARIOUS FINANCIAL INSTITUTIONS AND
UPDATING THE NAMES OF DESIGNATED EMPLOYEES
IN CERTAIN POSITIONS WHO ARE AUTHORIZED TO
MAKE DEPOSITS OF CITY FUNDS AND ENTER INTO
BANKING OR INVESTMENT ARRANGEMENTS
WHEREAS the City of Arroyo Grande normally has excess funds not currently needed to
fund operating expenditures, and such excess funds are currently deposited by prior
agreement with various financial institutions, including, but not limited to the State Local
Agency Investment Fund (LAIF); and
WHEREAS, Government Code Section 53635 distinguishes between “deposits” and
“investments”, and specifically provides that City monies shall be “deposited” in State or
National banks, or State of Federal savings and loan associations, or may be “invested”
in specified instruments; and
WHEREAS, eligible financial institutions include banks and savings and loans and are
used primarily for active demand deposits (checking accounts and passbook savings),
inactive deposits (non-negotiable time certificates), and investment instruments; and
WHEREAS, eligible financial institutions require a listing of authorized signers who are
legally approved to perform financial transactions on behalf of the City, which may be
modified from time to time due to changes in staffing; and
WHEREAS, authorizing the deposit of City funds in various financial institutions and
updating the names of designated employees in certain positions who are authorized to
make deposits of City funds and enter into banking or investment arrangements is not
subject to the California Environmental Quality Act (“CEQA”) because it has no potential
to result in either a direct, or reasonably foreseeable indirect, physical change in the
environment. (State CEQA Guidelines, Cal. Code Regs., tit. 14, §§ 15060, subd. (c)(2)-
(3), 15378.)
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of Arroyo Grande
as follows:
1. That the Recitals above are true and correct and are hereby incorporated by
reference.
2. That the City of Arroyo Grande employees in the positions listed below are hereby
authorized to enter into agreements to deposit or withdraw money from financial
institutions located in California, including United States branches of foreign banks
licensed to do business in California, upon a determination of financial soundness of
such financial institutions, by the City of Arroyo Grande.
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RESOLUTION NO.
PAGE 2
Director of Administrative Services/City Treasurer
Accounting Manager
City Manager
3. That the employees listed below are currently filling the designated positions as of the
date of this Resolution.
Director of Administrative Services/City Treasurer: Nicole Valentine
Accounting Manager: Megan Schotborgh
City Manager: Matthew Downing
4. This Resolution supersedes Resolution 5343 dated January 23, 2024, and any and
all other prior resolutions inconsistent herewith.
On motion of Council Member , seconded by Council Member , and on the
following roll call vote, to wit:
AYES:
NOES:
ABSENT:
The foregoing Resolution was passed and adopted this 25th day of February, 2025.
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RESOLUTION NO.
PAGE 3
CAREN RAY RUSSOM, MAYOR
ATTEST:
JESSICA MATSON, CITY CLERK
APPROVED AS TO CONTENT:
MATTHEW DOWNING, CITY MANAGER
APPROVED AS TO FORM:
ISAAC ROSEN, CITY ATTORNEY
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