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<br />STAFF REPORT <br />DATE: January 7, 2025 <br />CONSENT <br /> <br /> <br />TO: Mayor and City Council <br />FROM: Clarissa Hadler, Finance Director <br />AGENDA ITEM: Designate the Official Depositories of Funds – Resolution 2025-001 <br /> <br />BACKGROUND: <br />Pursuant to State Statute 427.01 et seq, the City Council is respectfully being asked to designate official <br />depositories for 2025. 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 <br />Elmo for 2025: <br />• Lake Elmo Bank <br />• First Resource Bank <br />• US Bank N.A. <br />• Wells Fargo Bank <br />• 4M Fund <br />• PMA Securities, Inc. <br />• PMA Financial Network, Inc. <br />• Wells Fargo Advisors <br />• Wells Fargo Securities <br />• Northland Securities Inc. <br />• Platinum Bank <br /> <br />QUESTION BEFORE THE CITY COUNCIL: <br />1) Should the City Council adopt the resolution as attached? <br /> <br />FISCAL IMPACT: <br />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 /> <br />OPTIONS: <br />1) Approve the attached resolution designating the official depositories as listed. <br />2) Amend and then approve the attached resolution designating the official depositories. <br /> <br />RECOMMENDATION: <br />1) Adopt Resolution No. 2025-001; Designate the Official Depositories of Funds for 2025. <br /> <br />ATTACHMENTS: <br />1) Resolution No. 2025-01; Designate the Official Depositories of Funds for 2025.