HomeMy WebLinkAbout4.7(b)--Public Funds Money Market Account with Golden Valley Bank
CITY OF REDDING
REPORT TO THE CITY COUNCIL
Recommendation
Adopt Resolution authorizing the City Treasurer to open a public funds money market account
with Golden Valley Bank; and designate the authorized account signers as indicated in the
resolution.
Fiscal Impact
There is no fiscal impact to the City of Redding’s (City) General Fund. The funds would accrue
interest, which would add to the General Fund, similarly to our other existing public funds
money market accounts.
Alternative Action
The City Council could decline to adopt the resolution authorizing the City Treasurer to open the
public funds money market account at Golden Valley Bank.
Background/Analysis
In accordance with City Council Investment Policy 408, “Priority will be given to investments
that promote community economic development (i.e., dealing with local financial institutions,
etc.) provided the investment selection criteria is met and yield is not significantly impacted. The
City Treasurer shall strive, whenever possible, to make investments that benefit the local area.”
Golden Valley Bank (GVB) has available a money market account that meets the criteria for
collateralization in accordance with California Government Code 5 3652 and provides a
competitive return. GVB was established in 2006. It operates branches in Redding and Chico.
Golden Valley Bank holds the highest 5 Star Rating by Bauer Financial for Safety and
Soundness. GVB is a community-oriented, regionally owned and managed bank that serves
businesses and individuals from Shasta, Tehama, Butte and Glenn Counties.
MEETING DATE: January 17, 2023
ITEM NO. 4.7(b)
FROM:
***APPROVED BY***
aclark@cityofredding.org
btippin@cityofredding.org
SUBJECT: 4.7(b)--Authorize opening Public Funds Money Market Account with Golden
Valley Bank
Allyn Feci Clark, Director of
Finance/City Treasurer
Report to Redding City Council January 11, 2023
Re: 4.7(b)--Public Funds Money Market Account with Golden Valley Bank Page 2
Environmental Review
This is not a project defined under the California Environmental Quality Act, and no further
action is required.
Council Priority/City Manager Goals
• Economic Development – “Facilitate and become a catalyst for economic development
in Redding to create jobs, retain current businesses and attract new ones, and encourage
investment in the community.”
Attachments
^Resolution
RESOLUTION NO. 2023-____
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDDING
AUTHORIZING THE CITY TREASURER TO OPEN A PUBLIC FUNDS
MONEY MARKET ACCOUNT WITH GOLDEN VALLEY BANK
WHEREAS, the City Council, through Council Policy No. 408, “desires to prioritize investments
that promote community economic development (i.e., dealing with local financial institutions, etc.)
provided that the investment selection criteria is met and yield is not significantly impacted. The
City Treasurer shall strive, whenever possible, to make investments that benefit the local area;”
and
WHEREAS, Golden Valley Bank serves businesses and individuals located in Shasta, Tehama,
Butte and Glenn Counties; and
WHEREAS, Golden Valley Bank has made available a competitive, highly-liquid, fully-
collateralized (in accordance with Government Code section 53652), public funds money market
investment opportunity; and
WHEREAS, to open the necessary accounts with the new institution, Golden Valley Bank, it is
necessary to designate individuals who are to be the authorized signers on behalf of the City of
Redding and its various entities;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF REDDING DOES
HEREBY RESOLVE THAT:
1. The foregoing recitals are true and correct.
2. The City Treasurer is authorized to open a public funds, money market account for City of
Redding with Golden Valley Bank.
3. The following individuals are designated as authorized signers on all accounts held with
Golden Valley Bank:
➢ Allyn Feci Clark, Finance Director and City Treasurer
➢ Jaedon Carlisle, Management Analyst
➢ Greg Robinett, Finance Officer
➢ Abby Schanuth, Senior Accountant
➢ Tammy Mann, Senior Accountant
4. Should one of the authorized signers leave the City’s employment or their job
responsibilities change to no longer necessitate being an authorized signer, the City
Manager, or his designee, is hereby designated and authorized to appoint a new signer to
replace said individual.
I HEREBY CERTIFY that the foregoing resolution was introduced and adopted at a regular
meeting of the City Council of the City of Redding on the 17th day of January, 2023, by the
following vote:
AYES: COUNCIL MEMBERS:
NOES: COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS:
ABSTAIN: COUNCIL MEMBERS:
___________________________________
MICHAEL DACQUISTO, Mayor
ATTEST: FORM APPROVED:
_________________________________ ___________________________________
PAMELA MIZE, City Clerk BARRY E. DeWALT, City Attorney