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STAFF REPORT <br />TO:Mayor Keis and Members of City Council <br />FROM:Chris Heineman, City Administrator <br />DATE:January 9, 2019 <br />RE:Deposit and Investment of Local Public Funds <br />BACKGROUND: <br />Minnesota Statutes Chapter 118A.02 requires that the governing body of each government entity <br />shall designate, as a depository of its funds, one or more financial institutions. The City of Little <br />Canada has utilized US Bank as its checking account depository for many years. Also included <br />below is a list of financial institutions that the City of Little Canada utilizes for investments. <br />Staff has been informed that Morgan Stanley no longer provides municipal investment services, <br />and the investment funds at this institution will need to be transferred to another firm later this <br />year after the Finance Director position has been filled. At this time, staff proposes no additional <br />changes to the City’s Financial Institutions. <br />REQUESTED ACTION: <br />Staff recommends Council approval of a motion to designate the following financial institutions <br />as a depository of its funds and to authorize the City Administrator to make investments of funds <br />under MN Statute sections 118A.01 to 118A.06 or other applicable law. <br />CHECKING ACCOUNT DEPOSITORY: <br />US Bank National Association – Little Canada <br />INVESTMENT DEPOSITORIES: <br />Morgan Stanley <br />PMA Financial Network, Inc. (4M Fund) <br />Royal Credit Union (RCU) <br />UBS Wealth Management <br />Wells Fargo Advisors <br />US Bank National Association