AGENDA TITLE:
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Adopt a Resolution Granting Signature Authority to Certain City Staff for Investment of Monies in the Local Agency Investment Fund (IS - BUD)
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MEETING DATE:
August 5, 2026
PREPARED BY:
Jennelle Baker-Bechthold, Budget Manager
recommendation
RECOMMENDED ACTION:
Adopt resolution granting signature authority to certain City staff for investment of monies in the Local Agency Investment Fund.
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BACKGROUND INFORMATION:
With recent staff changes, the Local Agency Investment Fund (LAIF) has requested that the City of Lodi update, by resolution, the authorized representatives permitted to act on behalf of the City for the deposit and withdrawal of City funds.
LAIF was established pursuant to California Government Code Section 16429.1 and is administered by the State Treasurer’s Office for the purpose of investing funds held by local agencies throughout California. The program is designed to provide a competitive return on investments while maintaining the primary objective of preserving principal and ensuring liquidity of public funds.
Due to recent staffing changes, the State Treasurer’s Office has requested that the City adopt an updated resolution reflecting current authorized personnel. The proposed resolution authorizes Kara Reddig, City Manager, Jamie Bandy, Administrative Services Director/Treasurer, and Jennelle Baker-Bechthold, Budget Manager, to act on behalf of the City of Lodi for purposes of depositing and withdrawing funds from LAIF. Adoption of the resolution will ensure the City remains in compliance with LAIF administrative requirements and maintains uninterrupted access to its investment accounts.
FISCAL IMPACT:
Not applicable.
FUNDING AVAILABLE:
Not applicable.