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CC:SA:HA - CONSENT ITEM: Adoption of Respective Resolutions Authorizing Designated Representatives to Deposit and Withdraw Funds as well as Make Account Changes with the State Local Agency Investment Fund on Behalf of the City of Culver City, the Successor Agency to the Culver City Redevelopment Agency and the Culver City Housing Authority.

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Meeting Date:  September 14, 2026

 Contact Person/Dept: Punit Chokshi/Finance Department

 Phone Number: (310) 253-6033

 Fiscal Impact:  Yes [] No [X]                                       General Fund:  Yes [] No []

 Attachments:   Yes [X]     No []  

 Public Notification: (E-Mail) Meetings and Agendas - City Council (09/10/2026)

 Department Approval:   Erin Spragan, Chief Financial Officer (09/09/2026)

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RECOMMENDATION

 Staff recommends the City Council, the Successor Agency to the Culver City Redevelopment Agency (Successor Agency) Board and the Culver City Housing Authority (Housing Authority) Board adopt respective resolutions authorizing designated representatives to deposit and withdraw funds as well as make account changes to the City/Successor Agency/Housing Authority State Local Agency Investment Fund (LAIF) accounts.

 BACKGROUND

The City, the Successor Agency and the Housing Authority have general investment accounts with the LAIF as authorized by the City’s, Successor Agency’s, and Housing Authority’s Investment Policies. The City needs to change some of the representatives previously authorized to contact LAIF and make deposits or withdrawals, by filing an updated resolution with LAIF. The authorized representatives would be:

1.                     Stephen Agostini, Assistant City Manager

2.                     Erin Spragan, Chief Financial Officer

3.                     Punit Chokshi, Senior Management Analyst

FISCAL ANALYSIS

There is no fiscal impact from adopting the respective resolutions.

ATTACHMENTS

1.                     2026_09_14_ATT1_Proposed City LAIF Resolution

2.                     2026_09_14_ATT2_Proposed Successor Agency LAIF Resolution

3.                     2026_09_14_ATT3_Proposed Housing Authority LAIF Resolution

recommended action 

MOTION

 That the City Council, Successor Agency Board and Housing Authority Board:

Adopt respective resolutions authorizing designated representatives to deposit and withdraw funds, as well as make account changes, with the State Local Agency Investment Fund.