HomeMy WebLinkAbout#2 - Designate Official Depositories of Funds for 2018
STAFF REPORT
DATE: January 2, 2018
CONSENT
ITEM #2
TO: Honorable Mayor and City Council FROM: Brian A. Swanson – Finance Director AGENDA ITEM: Designate the Official Depositories of Funds – Resolution 2018-01 REVIEWED BY: Kristina Handt, City Administrator
BACKGROUND: Pursuant to State Statute 427.01 et seq, the City Council is respectfully being asked to designate official depositories for 2018. 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 2018:
• Lake Elmo Bank • Well Fargo Bank • Northland Securities Inc.
• Morgan Stanley QUESTION BEFORE THE CITY COUNCIL: 1) Does the City Council desire to approve the resolution as attached? FISCAL IMPACT: Designation of official depositories helps to ensure compliance with MN State Statute and that the resources entrusted to the City are maintained in official financial institutions. RECOMMENDATIONS: 1) Motion to Adopt Resolution No. 2018-01; Designate the Official Depositories of Funds for 2018. ATTACHMENTS:
1) Resolution No. 2018-01; Designate the Official Depositories of Funds for 2018.