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<br />STAFF REPORT <br />DATE: January 2, 2024 <br />CONSENT <br />TO: Mayor and City Council FROM: Clarissa Hadler, Finance Director AGENDA ITEM: Designate the Official Depositories of Funds – Resolution 2024-001 <br /> <br />BACKGROUND: Pursuant to State Statute 427.01 et seq, the City Council is respectfully being asked to designate official depositories for 2024. Based upon past practice as well as current and likely future needs, <br />it is recommended that the following be designated as the official depositories for the City of Lake Elmo for 2024: <br />• Lake Elmo Bank <br />• First Resource Bank <br />• US Bank N.A. <br />• Wells Fargo Bank <br />• 4M Fund <br />• Prudent Man Advisors, Inc. <br />• PMA Securities, Inc. <br />• PMA Financial Network, Inc. <br />• Wells Fargo Advisors <br />• Wells Fargo Securities <br />• Northland Securities Inc. <br />QUESTION BEFORE THE CITY COUNCIL: 1) Should the City Council adopt the resolution as attached? FISCAL IMPACT: Designation of official depositories helps to ensure compliance with MN State Statute and that the resources <br />entrusted to the City are maintained in official financial institutions. <br /> OPTIONS: 1) Approve the attached resolution designating the official depositories as listed. 2) Amend and then approve the attached resolution designating the official depositories. <br />RECOMMENDATION: 1) Adopt Resolution No. 2024-001; Designate the Official Depositories of Funds for 2024. ATTACHMENTS: 1) Resolution No. 2024-001; Designate the Official Depositories of Funds for 2024.