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STAFF REPORT <br />DATE: January 6, 2026 <br />REGULAR AGENDA <br />AGENDA ITEM:Designate the Official Depositories of Funds <br />FROM: Clarissa Hadler, Finance Director <br />BACKGROUND: <br />Pursuant to State Statute 427.01 et seq, the City Council is respectfully being asked to designate official <br />depositories for 2026. 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 2026: <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 />QUESTION BEFORE THE CITY COUNCIL: <br />1) Should the City Council adopt the resolution as attached? <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 />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 />RECOMMENDATION: <br />1) Adopt Resolution No. 2026-001; Designate the Official Depositories of Funds for 2026. <br />ATTACHMENTS: <br />1) Resolution No. 2026-001; Designate the Official Depositories of Funds for 2026.