Staff Report.LAIFResolution
PREPARED BY: Gitta Ungvari
Interim Finance Director
Reviewed by: Assistant Town Manager and Town Attorney
110 E. Main Street Los Gatos, CA 95030 ● 406-354-6832
www.losgatosca.gov
TOWN OF LOS GATOS
COUNCIL AGENDA REPORT
MEETING DATE: 7/12/2022 ITEM NO: 2
DATE: July 8, 2022
TO: Mayor and Town Council
FROM: Laurel Prevetti, Town Manager
SUBJECT: Adopt a Resolution of the Town Council of the Town of Los Gatos to
Authorize Investment Monies in the Local Agency Investment Fund and
Rescind Resolution 2007-093 Resolution of the Town Council of the Town of
Los Gatos, Authorizing Investment Monies in the Local Agency Investment
Fund
RECOMMENDATION:
Staff recommends that the Council Adopt a Resolution of the Town Council of the Town of Los
Gatos to Authorize Investment Monies in the Local Agency Investment Fund and Rescind
Resolution 2007-093 Resolution of the Town Council of the Town of Los Gatos, Authorizing
Investment Monies in the Local Agency Investment Fund.
BACKGROUND:
The Local Agency Investment Fund (LAIF), an investment pool run by the California State
Treasurer requires a Council approved resolution authorizing the individuals who are entitled to
make investments and withdrawals from the LAIF accounts. Only those authorized by
resolution may make changes to the LAIF account and can delegate responsibility for day-to-
day LAIF transactions to others. With the recent retirement of the Towns Finance Director and
appointment of a new Interim Director it is prudent to update the LAIF authorizations at this
time.
DISCUSSION:
Management responsibility for the Town’s investment program is delegated annually by the
Town Manager to the Town Treasurer/Finance Director the (“Treasurer) pursuant to California
Government Code Section 36510. In accordance with the Town Council Resolution
PAGE 2 OF 2 SUBJECT: Adopt a Resolution of the Town Council of the Town of Los Gatos to Authorize
Investment Monies in the Local Agency Investment Fund DATE: July 7, 2022
DISCUSSION (continued):
No 2007-093, there are four positions currently authorized to deposit and withdraw LAIF
monies on behalf of the Town of Los Gatos. Those positions are the Town Treasurer, Mayor,
Vice Mayor, and Finance Director. The proposed draft resolution recommends authorizing the
Mayor, Town Manager, and the Town Treasurer/Finance Director to align the LAIF approval
authority with the Town’s bank signature checking account authority on file with Bank of the
West. The Town Treasurer function resides with the Finance Director since 2016. With the
recent retirement of the Finance Director, the newly appointed Interim Finance Director, Gitta
Ungvari, has been added to the list. While the resolution refers to officers holding the title(s)
specified herein below or their successors in office, the names have been updated with the
most recent officers in the draft resolution.
CONCLUSION:
Council should move for the adoption of the attached resolution and rescind the previous
resolution.
COORDINATION:
The preparation of the resolution was coordinated between the Town Manager’s Office and the
Town Attorney’s Office.
FISCAL IMPACT:
This resolution has no fiscal impact.
ENVIRONMENTAL ASSESSMENT:
This is not a project defined under CEQA, and no further action is required.
Attachments:
1. Resolution 2022- of the Town Council of the Town of Los Gatos to Authorize Investment
Monies in the Local Agency Investment Fund
2. Resolution 2007-093- of the Town Council of the Town of Los Gatos to Authorize
Investment Monies in the Local Agency Investment Fund