Title
Approval of a Resolution Authorizing Participation in the Local Government Investment Pool
Recommended Action
Committee Recommendation:
Not referred to a Committee.
City Manager Recommendation:
Move to approve the resolution authorizing the City's participation in the Local Government Investment Pool
Report
Issue:
Whether to approve a Resolution authorizing participation in the Local Government Investment Pool
Staff Contact:
Jana Brown, Fiscal Services Accounting Manager, 360.753.8473
Presenter(s):
None - Consent Calendar Item.
Background and Analysis:
Washington State has created the Local Government Investment Pool (LGIP) for the purpose of allowing governmental entities to invest funds through the State Treasurer. The City participates in the LGIP. The State Treasurer requires all entities investing in the LGIP to submit a resolution authorizing participation.
In June 10, 2014, Council passed Resolution M-1806 authorizing participation in the LGIP and identified City individuals, by name, that can authorize transactions related to the LGIP. With recent changes in the Administrative Services Department (ASD), the resolution needs to be updated. The attached resolution identifies position titles rather than individual names. Using this new format will allows the City's LGIP authorization to be transferred immediately upon appointment of new personnel.
The attachments include the resolution and the LGIP Transaction Authorization Form which is referenced in the resolution. Note the bank account, routing number and contact information have been left intentionally blank for security purposes.
The City uses the LGIP to invest monies, not in use, on a short-term basis. Monies invested in the LGIP are available within a few hours when requested. In 2018, the City had an average $15.3 million invested in the LGIP which yielded approximately in $304,500 in investment earnings.
Neighborhood/Community Interests (if known):
None noted.
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