AGENDA ITEM
TO: HONORABLE CHAIR
AND MEMBERS OF THE MUNICIPAL FINANCING AUTHORITY
FROM: CARLO TOMAINO
EXECUTIVE DIRECTOR
SUBJECT: 2026 ANNUAL MEETING OF THE MUNICIPAL FINANCING AUTHORITY
Summary:
The bylaws of the Signal Hill Municipal Financing Authority require that an annual meeting be held at its first meeting of January. The City Council acts as the governing body of the Municipal Financing Authority. The purpose of this report is to satisfy the annual meeting requirement of the Municipal Financing Authority; there were no reportable actions taken in 2025.
Strategic Plan Goal(s):
Goal No. 5 High-Functioning Government: Strengthen internal communication, recruitment, retention, systems, and processes to increase the effectiveness and efficiency of City services.
Recommendation:
Receive and file.
Fiscal Impact:
There is no fiscal impact associated with the recommended action.
Background and Analysis:
The Signal Hill Municipal Financing Authority was formed on August 22, 2017, as a joint powers authority between the Housing Authority and the City, under the Joint Exercise of Powers Law of the State of California, Section 6502 of Title 1, Division 7, Chapter 5 of the Government Code of the State of California (the “Joint Exercise of Powers Act”). The Municipal Financing Authority was formed for the purpose of assisting the City and the Housing Authority with their respective financing. The City Council acts as the governing body of the Municipal Financing Authority. The Municipal Financing Authority is managed by City employees and is financially interdependent from the City.
No reportable actions were taken in 2025.