HomeMy WebLinkAbout2002 01 28 Consent G Resolution 2002-01 Account with State Board of Administration
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COMMISSION AGENDA
ITEM G
CONSENT XX
INFORMATIONAL
PUBLIC HEARING
REGULAR
.Tlmmn-y 2R, 2002
Meeting
MGR~DEPT~
AuthorizMion
REQUEST:
The Finance Department requesting the Commission approve Resolution 2002-01 which
authorizes the City to establish an account with the State Board of Administration (SBA) and
designates the City Manager, Finance Director and the City Treasurer as the administrator for the
account responsible for transmitting and withdrawing funds.
PURPOSE:
The purpose of this Agenda Item is to gain Commission approval for a SBA account in which to
deposit surplus City funds.
CONSIDERATIONS:
. Steve Alexander, our Investment and Treasury Consultant with PFM has formally presented
and recommended that we open and place surplus funds into a SBA account.
. Our consultant recommended a 3 tiered banking and treasury structure with a reduced
number of bank accounts to meet our transaction needs such as deposits and check writing, a
SBA account to meet our short term liquidity needs, and a long-term investment vehicle.
. An Internal Control Manual for Investments was prepared by our consultant that includes
the City Controller as an authorized employee to carry out investment matters; however, the
City prefers to utilize the City Controller in an independent audit function that requires a
separation of duties over investment transactions. Instead, the City will use the City
Treasurer as the third employee position authorized to perform investment functions.
. A SBA account is a Local Government Investment Pool administered by the State Board of
Administration.
. The pool invests in money market instruments designed to accommodate liquidity needs of
its participants.
FUNDING: N/A
ATTACHMENTS:
. Resolution 2002-01
RECOMMENDATION: The Finance Department recommends that the Commission approve
Resolution 2002-01 which authorizes the City to establish an account with the State Board of
Administration (SBA) and designates the City Manager, Finance Director and the City Treasurer
as the administrators for the account responsible for transmitting and withdrawing funds.
COMMISSION ACTION:
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RESOLUTION 2002-01
WHEREAS THE City of Winter Springs from time to time has funds on hand in excess
of current needs, and
WHEREAS, it is in the best interest of the City of Winter Springs and its inhabitants that
funds be invested to return the highest yield consistent with proper safeguards,
NOW THEREFORE, BE IT RESOLVED AS FOLLOWS:
1. That the City Manager, Finance Director and City Treasurer, as legal representatives
ofthe City of Winter Springs, are hereby authorized to act as the administrators for
funds held at the State Board of Administration.
2. Administrators shall have the authority to establish an account on behalf of the City
of Winter Springs, withdraw funds from or transmit funds to said account at the State
Board of Administration, establish funds transfer instructions, name designee, and
initiate changes to this information via the Investment Pool Input Document.
3. That this authorization shall be continuing in nature until revoked by the City of
Winter Springs.
THIS RESOLUTION INTRODUCED AND ADOPTED by the City Commission at its
regular meeting on January 14,2002.
City of Winter Springs, Florida
Paul P. Partyka, Mayor
City of Winter Springs, Florida
Attest:
Andrea Lorenzo Luaces, City Clerk
City of Winter Springs, Florida
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