The City of Garden Grove invests part of the investment portfolio in the State of California LAIF managed by the State Treasurer. The LAIF program allows cities to place money in a major portfolio at no additional cost to taxpayers, using the expertise of the State's Investment Division staff. Participating agencies can withdraw their funds from LAIF at any time making it readily accessible for liquidity needs. Investing City monies in LAIF is allowed as part of the City's Investment Policy.

The City's last LAIF Resolution No. 8929-09 was adopted by the City Council at their meeting held on September 22, 2009. Due to retirements, there have been changes to the positions and titles of the public employees responsible for the placement and withdrawal of funds in the City's LAIF account.

LAIF serves as the City's liquid savings account that enables efficient daily cash flow management, and the attached Resolution identifies authorized staff members to transact with LAIF as City representatives.  Currently, only Monica Neely and Jeff Kuramoto are designated to perform all investment transactions with LAIF.  The additional three staff are named to ensure adequate coverage at all times.  Each deposit into or withdrawal from the City LAIF account is logged and reported as part of the daily cash and investment reconciliation report.  Monthly bank account reconciliations also reflect these transactions with confirmation receipts from LAIF.  It is necessary to update our bank and investment authorizations with LAIF, and a resolution is required to appoint current staff members and to update titles.  After adoption by the City Council, a certified copy of the Resolution will be forwarded to LAIF.

It is recommended that the City Council

• Adopt the attached Resolution authorizing certain City staff or their successors or their designees to order the deposit or withdrawal of monies in the Local Agency Investment Fund.