CC - Item 2D - Steven Brisco as Chief Financial OfficerE M F
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ROSEMEAD CITY COUNCIL
STAFF REPORT
TO: THE HONORABLE MAYOR AND CITY COUNCIL
FROM: OLIVER CHI, CITY MANAGER
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 Chief Financial Officer and
Finance Director of the City. However, for internal control purposes, he is not a signer
on any of the Bank of the West bank accounts. From time to time, it is necessary for
him to perform routine City 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 (LAIF)
account. Accordingly, Bank of the West requires a resolution naming Steven Brisco as
the City's Chief Financial Officer and Finance Director and giving him authority to
execute banking transactions for all City bank accounts held at Bank of the West.
Staff is recommending that the City Council 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 City Council name Steven Brisco as Chief Financial Officer
and Finance Director and authorize him to perform any transactions, except signing
checks, on any City accounts held at Bank of the West.
ANALYSIS
On occasion it is necessary to transact routine banking actions with the City's 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 minor housekeeping chores done by a single 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 with the authority to perform maintenance and LAIF
APPROVED FOR CITY COUNCIL AGENDA: 0 * ITEM NUMBER:
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City Council Meeting
January 1, 2008
Paqe 2 of 2
transfers.
Bank of the West requires a resolution (attached) appointing an individual as the Chief
Financial Officer and Finance Director and authorizing him with the authority to perform
the actions described above.
LEGAL REVIEW
This item has been approved by the City Attorney.
PUBLIC NOTICE PROCESS
This item has been noticed through the regular agenda notification process.
Submitted by:
Steven Brisco
Finance Director
Attachment A: Resolution 2008-34
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RESOLUTION NO. 2008 - 34
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ROSEMEAD,
CALIFORNIA NAMING STEVEN BRISCO AS ITS CHIEF FINANCIAL OFFICER AND
FINANCE DIRECTOR AND GIVING HIM AUTHORITY TO EXECUTE BANKING
TRANSACTIONS IN ALL CITY ACCOUNTS HELD BY BANK OF THE WEST
WHEREAS, On November 5, 2007 the City Manager appointed Steven Brisco as
Chief Financial Officer and Finance Director of the City of Rosemead, and
WHEREAS, the City Council has given the City Manager authority to make
appointments, and
WHEREAS, the City of Rosemead, California established bank accounts at Bank
of the West for the receipt, disbursement and investing of idle cash.
NOW THEREFORE, BE IT RESOLVED, that the City Council does hereby
authorize the Finance Director, Steven Brisco, to execute any banking transactions, except
signing checks, for all City accounts held at Bank of the West.
PASSED, AND ADOPTED, by the City Council of the City of Rosemead, County of Los
Angeles of the State of California on May 13, 2008.
JOHN TRAM, MAYOR
ATTEST:
GLORIA MOLLEDA, CITY CLERK