01-12-2022 Council Packet - Laserfiche WebLink

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STAFF REPORT TO: Mayor Keis and Members of City Council FROM: Brenda Malinowski, Finance Director DATE: January 12, 2022 RE: Deposit and Investment of Local Public Funds REQUESTED ACTION: Make a motion to designate the following financial institutions as a depository of its funds and to authorize the Finance Director or City Administrator to make investments of funds under MN State Statute section 118A, and the City’s Investment Policy. CHECKING ACCOUNT DEPOSITORY: US Bank National Association – Little Canada INVESTMENT DEPOSITORIES: PMA Financial Network, Inc. (4M Fund) Royal Credit Union (RCU) UBS Wealth Management Wells Fargo Advisors Morton Capital Markets US Bank National Association BACKGROUND: Minnesota Statutes Chapter 118A.02 requires that the governing body of each government entity to designate one or more financial institutions as a depository for its public funds. The MN State Auditor has recommended that City’s do this on an annual or biannual basis. Little Canada has done this annually. The City of Little Canada has utilized US Bank as its checking account depository for many years. Also included below is a list of financial institutions that the City of Little Canada utilizes for investments. These are the same financial institutions that the City utilized in 2021 for investments. STAFF RECOMMENDATION: Staff recommends Council approve a motion to designate the following financial institutions as a depository of its funds and to authorize the Finance Director or City Administrator to make investments of funds under MN State Statute section 118A, and the City’s Investment Policy. CHECKING ACCOUNT DEPOSITORY: US Bank National Association – Little Canada INVESTMENT DEPOSITORIES: PMA Financial Network, Inc. (4M Fund) Royal Credit Union (RCU) UBS Wealth Management Wells Fargo Advisors Morton Capital Markets US Bank National Association