Staff recommends that the City Council adopt a Resolution stablishing signatory authorizations for cash on deposit with Fremont Bank and authorization to transfer funds using on-line banking services.

There is no strategic plan alignment associated with this agenda item. This resolution establishes authorized signers and transferors for City accounts at Fremont Bank.

With the appointment of Jackie Acosta as Finance Director, there is a need to change the authorized signers on accounts at Fremont Bank. As part of this process, new authorized signers cards are required by the bank via a City Council Resolution.

The City has established the following accounts with Fremont Bank – General Operating, Payroll and HCD (Housing and Community Development). The City now desires to appoint the following officials as the authorized signers on the aforementioned accounts:

·       Mayor

·       City Manager

·       Deputy City Manager

·       Finance Director

The attached resolution also identifies those employees authorized to create/initiate bank transfer between accounts, to the State Local Agency Investment Fund (LAIF) and to outside organizations for specific payments, such as debt service payments.  All transfers require two individuals - the originator and the subsequent approver - in order to be processed.

This resolution also allows the Finance Director to authorize staff members performing duties related to accounts payable and payroll functions limited access to on-line banking services so that they may perform the banking activities associated with their job functions.

There is no fiscal impact as a result of this action.

Staff recommends that the City Council adopt a Resolution establishing signatory authorizations for cash on deposit with Fremont Bank and authorization to transfer funds using on-line banking services.