11-08-2023 Council Packet - Laserfiche WebLink

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STAFF REPORT TO: FROM: DATE: RE: Mayor Fischer and Members of City Council Sam Magureanu, Finance Director November 8, 2023 Deposit and Investment of Local Public Funds for 2024 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 First Resource Bank 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. All of these are the same financial institutions that the City utilized in 2023 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 First Resource Bank