Sparks City Council Meeting 9/23/2019 2:00:00 PM

    Monday, September 23, 2019 2:00 PM
    Council Chambers, Legislative Bldg, 745 4th Street, Sparks, NV

General Business: 9.6

Title: Consideration, discussion and possible approval of Resolution No. 3352, authorizing certain individuals to make financial commitments to purchase, sell and approve collateral for investment securities on behalf of the City.
Petitioner/Presenter: Jeff Cronk, CPA Chief Financial Officer/Wayne Webber CPFO, Accounting Manager Operations
Recommendation: Staff recommends City Council approve this Resolution to authorized certain individuals to make financial investment commitments for the City.
Financial Impact: N/A
Business Impact (Per NRS 237):
     A Business Impact Statement is not required. This is a rule but does not impose a direct and significant economic burden on a business, or directly restrict the formation, operation or exemption of a business.
Agenda Item Brief:

The City maintains non-operating cash in a brokerage account for long term investments. Changes in Financial Services Department require a new addition of Senior Accountant Kaela Neff, as well as removal of Senior Accountant Perla Tavera from the list of authorized employees for financial investments. Staff recommends City Council approval of Resolution No. 3352 authorizing certain individuals to make financial investment commitments for the City.



Background:

The City maintains non-operating cash in a brokerage account for long term investments.  The City enters into financial investment transactions with various brokers and banks as outlined in NRS 355.170.  A Resolution authorizing those individuals who may conduct financial investment transactions in the name of the City of Sparks for its benefit, is required by the brokers and banks.



Analysis:

Recent changes to in the Financial Services department staffing created changes to assigned duties. This includes the addition of  Senior Accountant Kaela Neff, as well as removal of Senior Accountant Perla Tavera from the list of authorized employees for financial investments.
 



Alternatives:
  1. City Council may approve Resolution 3352 as outlined by staff.
  2. City Council may reject Resolution 3352 and provide direction to City Manager.


Recommended Motion:

I move to approve Resolution No.3352 authorizing certain individuals to make financial investment commitments for the City.



Attached Files:
     Resolution 3352.pdf
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