HomeMy WebLinkAbout#3 CC_1 5 16_Designating Official Depository of Funds
MAYOR & COUNCIL COMMUNICATION
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DATE: January 5, 2016
CONSENT Resolution 2016-01 ITEM # 3
AGENDA ITEM: Designate Official Depositories of Funds
SUBMITTED BY: Cathy Bendel, Finance Director
THROUGH: Cathy Bendel, Finance Director
REVIEWED BY: Julie Johnson, City Clerk
SUGGESTED ORDER OF BUSINESS (if removed from Consent):
- Introduction of Item .............................................................. City Administrator
- Report/Presentation…………………………………………City Administrator
- Questions from Council to Staff ............................................. Mayor Facilitates
- Call for Motion ............................................................... Mayor & City Council
- Discussion ....................................................................... Mayor & City Council
- Action on Motion .................................................................... Mayor Facilitates
POLICY RECOMMENDER: Finance Director; State law mandates that the City designate
Official Depositories of Funds annually.
FISCAL IMPACT: None
SUMMARY AND ACTION REQUESTED:
The City Council is requested to approve Resolution No. 2016-01; Designating the Official
Depositories of Funds for 2016. As part of its consent agenda, no specific motion is required. If Council wishes to remove this item from the consent agenda, the recommended motion is as
follows:
“Move to designate Lake Elmo Bank, Wells Fargo Bank, Northland Securities and Morgan Stanley Smith Barney LLC as the official depositories for the City of Lake Elmo for 2016.”
LEGISLATIVE HISTORY:
Pursuant to State Statute 427.01 et seq, the City Council is respectfully being asked to designate
official depositories for 2016. Based upon past practice as well as current and likely future needs, it is recommended that the following be designated as the official depositories for the City of
Lake Elmo for 2016:
• Lake Elmo Bank
City Council Meeting [Consent Agenda Item #5]
January 5, 2016
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• Well Fargo Bank
• Northland Securities
• Morgan Stanley Smith Barney LLC
BACKGROUND INFORMATION (SWOT):
Strengths All financial institutions are financially sound and meet the City’s needs
for depositories of public funds. Weaknesses There are no identified weaknesses. Opportunities Continue to identify opportunities to maximize deposit returns. Threats There are no identified threats.
RECOMMENDATION:
The City Council is requested to approve Resolution No. 2016-01; Designating the Official Depositories of Funds for 2015. As part of its consent agenda, no specific motion is required. If
Council wishes to remove this item from the consent agenda, the recommended motion is as
follows:
“Move to designate Lake Elmo Bank, Wells Fargo Bank, Northland Securities and Morgan Stanley Smith Barney LLC as the official depositories for the City of Lake Elmo for 2016.”
ATTACHMENT:
1) Resolution No. 2016-01
Resolution 2016-01
CITY OF LAKE ELMO WASHINGTON COUNTY
STATE OF MINNESOTA
RESOLUTION 2016-01 A RESOLUTION DESIGNATING THE OFFICIAL DEPOSITORIES OF
FUNDS FOR 2016
WHEREAS, Minnesota Statutes, Chapter 427, requires the adoption of certain policies
and procedures pertaining to the deposit of public funds; and
WHEREAS, the statute also requires the designation of an official depository of funds
by a local government each year within 30 days of the beginning of the fiscal year.
NOW THEREFORE BE IT RESOLVED, by the City Council of the City of Lake Elmo, that the following financial institutions are hereby designated as the Official Depositories
of Funds for 2015:
• Lake Elmo Bank
• Well Fargo Bank
• Northland Securities
• Morgan Stanley Smith Barney LLC
ADOPTED BY THE CITY COUNCIL OF THE CITY OF LAKE ELMO THIS
FIFTH DAY OF JANUARY 2016.
CITY COUNCIL
CITY OF LAKE ELMO
By: __________________________
Mike Pearson
Mayor ATTEST:
________________________________
Julie Johnson City Clerk