12-13-21 Regular meeting, approve contacting election

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REQUEST FOR CITY COUNCIL AGENDA ITEM Appropriation Agenda Date Requested:December 13, 2021 N/A Requested By:Shelley Wolny, Asst. Director Source of Funds: Department:Finance N/A Account Number: N/A Amount Budgeted: ReportResolutionOrdinance N/A Amount Requested: Exhibits:Resolutions 2021-66 Amending TexPool, Budgeted Item:YesNo Resolution 2021-67 Amending LOGIC and Resolution 2021-68 Amending TexSTAR SUMMARY& RECOMMENDATION The Public Funds Investment Act (PFIA) requires that governing bodies designate by rule, order, ordinance, or resolution, as appropriate, one or more officers or employees of the entity to be responsible for the investment of its funds consistent with the investment policy adopted by the entity. The City of La Porte currently recognizes the Finance Directorand Assistant Director of Finance as Investment Officers. The resolutions authorizing investment representatives were previously amended in March 2021 due to the retirement of the Controller. At that time, a replacement had not yet been identified. Staff is recommending the addition of the Budget Analyst to serve asa backup representative, which will allow her to transfer fu operating account is the predetermined location for pooled investment account withdrawals, and cannot re two approvals. Additionally, the Budget Analyst will receive Public Funds Investment Act training. Along with the Resolution to Amend Authorized Representatives required by TexPool, LOGIC and TexSTAR, the required forms for Texas Class are included. ACTION REQUIRED BY CITY COUNCIL Approve Resolution2021-66 for TexPool, Resolution 2021-67 for LOGIC and Resolution 2021-68 for TexSTARamending the Authorized Investment Representatives for the City of La Porte. Approved for the City Council meeting agenda Corby D. Alexander, City ManagerDate