To: Sonoma County Board of Supervisors and the Board of Commissioners of the Sonoma County Community Development Commission
Department or Agency Name(s): Sonoma County Community Development Commission
Staff Name and Phone Number: Martha Cheever, (707) 565-7521
Vote Requirement: Majority
Supervisorial District(s): Countywide
Title:
Title
Designation of Signatories for the Conduct of Banking Business
End
Recommended Action:
Recommended action
Adopt a resolution of the Sonoma County Community Development Commission to change designated signatories for the conduct of the Commission’s banking business.
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Executive Summary:
Approval of this item will authorize the Sonoma County Community Development Commission (Commission) to change designated signatories on the Commission’s Exchange Bank accounts and the Bank of NY Mellon. This will allow the Commission to continue to conduct banking business to pay Housing Authority client rental subsidies and manage funds for the Non-Housing Successor Agency.
Discussion:
Since its inception in 1984, the Sonoma County Community Development Commission (and Housing Authority) has utilized the services of local banking institutions for the receipt and distribution of grant and subsidy funds from the U.S. Department of Housing and Urban Development. The Commission currently has banking accounts with Exchange Bank used primarily to pay monthly rental subsidies for Housing Authority clients. Other Commission funds are held with the County’s Auditor-Controller-Treasurer-Tax Collector.
Two signatures are required for all banking transactions. Due to management changes, it is necessary to designate new staff to sign checks and bank documents, make deposits, and conduct the Commission’s banking business. The attached resolution designates Michelle Whitman, Executive Director, Martha Cheever, Housing Authority Manager, and Rhonda Coffman, Community Development Manager, as the three authorized signatories for the conduct of the Commission’s banking business at Exchange Bank effective June 6, 2023. Exchange Bank requires a resolution from the Commission in order to authorize signatories. The resolution also designates Michelle Whitman, Executive Director, Martha Cheever, Housing Authority Manager, and Rhonda Coffman, Community Development Manager, as the three authorized signatories for conduct of the Commission’s banking business at the Bank of NY Mellon, which contains the funds for the Non-Housing Successor Agency.
Strategic Plan:
N/A
Racial Equity:
Was this item identified as an opportunity to apply the Racial Equity Toolkit?
No
Prior Board Actions:
01/10/2023, Agenda Item #4: Commission Resolution No. 23-0004 designating Commission staff to sign checks and documents, make deposits, and conduct the Commission’s business
07/20/2021, Agenda Item #1: Commission Resolution No. 21-0291 designating Commission staff to sign checks and documents, make deposits, and conduct the Commission’s business
06/09/2020, Agenda Item #9: Commission Resolution No. 20-0207 designating Commission staff to sign checks and documents, make deposits, and conduct the Commission’s business
12/10/2019, Agenda Item #3: Commission Resolution No. 19-0525 designating Commission staff to sign checks and documents, make deposits, and conduct the Commission’s business
07/10/2018, Agenda Item #9: Commission Resolution No. 18-0265 designating Commission staff to sign checks and documents, make deposits, and conduct the Commission’s business
Fiscal Summary
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FY 22-23 Adopted |
FY23-24 Projected |
FY 24-25 Projected |
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Narrative Explanation of Fiscal Impacts:
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Narrative Explanation of Staffing Impacts (If Required):
N/A
Attachments:
Resolution to Authorize Banking Signatories
Related Items “On File” with the Clerk of the Board:
None