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01-13-2021 Council Packet
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01-13-2021 Council Packet
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<br /> <br /> STAFF REPORT <br /> <br /> <br /> <br />TO: Mayor Keis and Members of City Council <br /> <br />FROM: Brenda Malinowski, Finance Director <br /> <br />DATE: January 13, 2021 <br /> <br />RE: Deposit and Investment of Local Public Funds <br /> <br />REQUESTED ACTION: <br />Make a motion to designate the following financial institutions as a depository of its funds and to <br />authorize the Finance Director to make investments of funds under MN State Statute section 118A, and <br />the City’s Investment Policy. <br /> <br />CHECKING ACCOUNT DEPOSITORY: <br /> US Bank National Association – Little Canada <br /> <br />INVESTMENT DEPOSITORIES: <br /> PMA Financial Network, Inc. (4M Fund) <br /> Royal Credit Union (RCU) <br /> UBS Wealth Management <br /> Wells Fargo Advisors <br /> Morton Capital Markets <br /> US Bank National Association <br /> <br />BACKGROUND: <br />Minnesota Statutes Chapter 118A.02 requires that the governing body of each government entity to <br />designate one or more financial institutions as a depository for its public funds. The MN State Auditor <br />has recommended that cities do this on an annual or biannual basis. Little Canada has done this annually. <br /> <br />The City of Little Canada has utilized US Bank as its checking account depository for many years. Also <br />included below is a list of financial institutions that the City of Little Canada utilizes for investments. <br />These are the same financial institutions that the City utilized in 2020 for investments. <br /> <br />STAFF RECOMMENDATION: <br />Staff recommends Council approve a motion to designate the following financial institutions as a <br />depository of its funds and to authorize the Finance Director to make investments of funds under MN <br />State Statute section 118A, and the City’s Investment Policy. <br /> <br />CHECKING ACCOUNT DEPOSITORY: <br /> US Bank National Association – Little Canada <br /> <br />INVESTMENT DEPOSITORIES: <br />PMA Financial Network, Inc. (4M Fund) Royal Credit Union (RCU) <br /> UBS Wealth Management Wells Fargo Advisors <br /> Morton Capital Markets US Bank National Association
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