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Sparks City Council Meeting 10/8/2012 2:00:00 PM
Monday, October 8, 2012 2:00 PMSparks Legislative Building, 745 E. 4th Street, Sparks, NV 89431
General Business: 6.4
Title: Consideration and possible approval of Resolution No. 3222, a resolution 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, Financial Services Director/Jeff Cronk, CPA, Financial Services Director
Recommendation: That the City Council approve the resolution to authorize certain individuals to make financial investment commitments for the City.
Financial Impact: None
Business Impact (Per NRS 237):
A Business Impact Statement is not required because this is not a rule.
A Business Impact Statement is not required because this is not a rule.
Agenda Item Brief: Consideration and possible approval of Resolution No. 3222, a resolution authorizing certain individuals to make financial commitments to purchase, sell and approve collateral for investment securities on behalf of the City.
Background: 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: From time to time, for various reasons, the authorized individuals change. In an effort to develop a well trained staff with a variety of skills, it is desirable to shift the duties of existing accountants. The attached Resolution deletes one individual, Jennifer Parmenter, from the authorized list and adds another, Perla Tavera. It is a complete list of authorized employees.
Alternatives: The City Council may choose not to change the authorized list of individuals who conduct financial investment transactions as proposed by staff and propose other individuals instead.
Recommended Motion: I move to approve Resolution #3222 as outlined by staff.
Attached Files:
2012 10 08 Investment Resolution.docx 2012 10 08 Investment Resolution.pdf
