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Council authorizes city investments in Washington Local Government Investment Pool
Summary
Council approved a resolution naming the finance director and the mayor as authorized individuals to administer Edmonds' account in the Washington State Local Government Investment Pool, standard practice among cities.
The Edmonds City Council unanimously approved a resolution on March 11 designating authorized individuals to transact on the city's Washington State Local Government Investment Pool (LGIP) account.
Finance staff said the LGIP requires a council resolution naming authorized signatories for account changes; the resolution names the finance director and the mayor by title. Finance Director Richard Scow (speaker introduced in the packet) said the city has used the state LGIP for several years and also conducts other longer‑term investments and bond placements through financial advisors to balance liquidity and yield.
Councilmember Ek moved approval; the motion passed unanimously. Councilmember Chen asked whether the city uses county pools or other vehicles; staff said the city also uses a bond ladder via its financial advisor and evaluates other options such as money market accounts to improve yield while maintaining liquidity and risk tolerance.
