CDC - Item 3C - Steven Brisco as Chief Financial Officer and Finance DirectorE
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ROSEMEAD COMMUNITY
DEVELOPMENT COMMISSION
STAFF REPORT
TO: HONORABLE CHAIRMAN AND COMMISSIONERS
FROM: OLIVER CHI, EXECUTIVE DIRECTOR
DATE: MAY 13, 2008
SUBJECT: NAME STEVEN BRISCO AS CHIEF FINANCIAL OFFICER AND
FINANCE DIRECTOR AND GIVE HIM AUTHORITY TO GIVE BANKING
DIRECTIONS TO BANK OF THE WEST
SUMMARY
On November 5, 2007 Steven Brisco was appointed as the Rosemead Community
Development Commission (RCDC) Chief Financial Officer and Finance Director.
However, for internal control purposes, he is not a signer on any of the RCDC Bank of
the West bank accounts. From time to time, it is necessary to perform routine RCDC
banking actions such as opening or closing accounts, adding or deleting signers on the
accounts or transferring money from one account to another account as well as
transferring money to and from the Local Agency Investment Fund (LAIF). Accordingly,
Bank of the West requires a resolution naming Steven Brisco as the RCDC Chief
Financial Officer and Finance Director and authorizing him to perform banking
transactions for all RCDC bank accounts held at Bank of the West.
Staff is recommending that the Commissioners name Steven Brisco as Chief Financial
Officer and Finance Director with authority to perform banking transactions, except for
signing checks, on accounts held at Bank of the West.
STAFF RECOMMENDATION
Staff recommends that the RCDC Commissioners name Steven Brisco as Chief
Financial Officer and Finance Director and authorize him to perform any transactions,
except signing checks, on any RCDC accounts held at Bank of the West.
ANALYSIS
On occasion it is necessary to perform routine actions on the RCDC bank accounts
such as, changing signers, opening and closing accounts requesting bank statements
and transferring money between accounts and LAIF. It is more efficient to have these
minor housekeeping chores done by an authorized team member, preferably the
Finance Director. The Finance Director is not a signer on the major accounts to avoid
creating a weakness in the internal control structure. Therefore it is expedient to
authorize the Finance Director to perform account maintenance and LAIF transfers.
APPROVED FOR COMMUNITY DEVELOPMENT COMMISSION AGENDA: 0.
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RESOLUTION NO. 2008 -14
A RESOLUTION OF THE ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION
(RCDC) NAMING STEVEN BRISCO AS ITS CHIEF FINANCIAL OFFICER AND
FINANCE DIRECTOR AND GIVING HIM AUTHORITY TO EXECUTE BANKING
TRANSACTIONS IN ALL RCDC ACCOUNTS HELD BY BANK OF THE WEST
WHEREAS, On November 5, 2007 the Executive Director appointed Steven Brisco
as Chief Financial Officer and Finance Director of the RCDC, and
WHEREAS, the Commissioners have given the Executive Director authority to
make such appointments, and
WHEREAS, the RCDC established bank accounts at Bank of the West for the
purpose of receiving, disbursing and investing idle cash.
NOW THEREFORE, BE IT RESOLVED, that the Commissioners do hereby
authorize the Finance Director, Steven Brisco, to execute any banking transactions, except
signing checks, for all RCDC accounts held at Bank of the West.
PASSED, AND ADOPTED, by the Commissioners of the RCDC, County of Los Angeles of
the State of California on May 13, 2008.
(Chairman)
ATTEST:
RCDC Clerk