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STAFF REPORT <br />DATE: May 19, 2026 <br />CONSENT <br />TO: Mayor and Councilmembers <br />FROM: Clarissa Hadler, Finance Director <br />AGENDA ITEM: Designate Official Depository of Funds <br />CORE STRATEGIES: <br />☐ Vibrant, inclusive, connected community <br />☐ Responsive, transparent, adaptive governance <br />☐ Managed Growth <br />☐ Efficient, reliable, innovative services <br />☒ Balanced Finances now and future <br />☐ Resilient Infrastructure <br />BACKGROUND: <br />In accordance with State Statute 427.01 et seq., staff requests that the City Council add Bridgewater Bank as an <br />official depository for 2026, supporting the City’s use of local financial institutions. <br />ISSUE BEFORE COUNCIL: <br />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 adding Bridgewater Bank to the official city deposit list. <br />2)Amend and then approve the attached resolution adding Bridgewater Bank. <br />RECOMMENDATION: (if pulled from Consent) <br />Adopt Resolution No. 2026-035; designating an additional official depository for City funds for the year 2026. <br />ATTACHMENTS: <br />Resolution 2026-035