City Council Work Session Agenda
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Work Session Item 3.b.
Amend Authorized TexPool Representatives
Strategic Focus Areas
Sound Governance and Finances
Amend authorized representatives who can perform and inquire on TexPool transactions.
Approve Resolution amending the City's designated TexPool Representatives.
Do not approve the Resolution amending Authorized TexPool Representatives.
This item is scheduled for formal consideration at the December 15, 2020 Regular Meeting.
TexPool is a state-wide investment pool available to Texas cities and other public entities. TexPool is an investment option allowed by the Public Funds Investment Act (Chapter 2256, Tx. Govt. Code) that provides security, liquidity and efficiency for the management of public funds. TexPool is operated by the Comptroller of Public Accounts and administered by Federated Investors. The City utilized TexPool to meet and manage its daily liquidity needs.
Texpool requires Council approval in order to make changes to the individuals authorized to transmit, withdraw, issue a letter of instruction, or view reports related to the investment of City funds. The Financial Services Department is requesting to add Don Daugherty, Cash Financial Service Coordinator, to the list of authorized representatives.
If Council concurs, the list of authorized representatives with TexPool will include the following individuals and roles.
Matt Watson, Finance Director, authorized representative with primary responsibility for TexPool transactions and receiving confirmations and monthly statements.
Kathryn Ritchie, Controller, authorized representative of the City to transmit and withdraw funds.
Don Daugherty, Financial Service Coordinator, authorized representative of the City to transmit and withdraw funds.
John Corley, Sr. Accountant, designated with inquiry rights only to allow for access to reports for the month-end reconciliation process. This individual cannot perform transactions.
For security purposes, TexPool requires the governing body approve a resolution to amend the list of authorized representatives. This request is in compliance with the Public Funds Investment Act and the City Council Investment Policy.
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