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MEMORANDUM <br />To:Saint Anthony Village City Council <br />From:Deborah Maloney, Finance Director <br />Date:June 9, 2026 <br />Request: Resolution 26-043 – Establishing the Municipal Cannabis Enterprise Fund, <br />Authorizing the Opening of an Affiliated Bank Account, and Designating Magnifi <br />Financial as an Official Depository of the City <br />BACKGROUND <br />This memo requests City Council approval of a resolution to establish a new Municipal Cannabis <br />Enterprise Fund. It also authorizes the Finance Director to open an affiliated bank account and designate <br />Magnifi Financial as an official depository for these funds. <br />Following the City's decision to pursue municipal cannabis operations, sound financial management <br />requires strict isolation of these funds from the General Fund. <br />Accounting Compliance <br />Establishing a dedicated enterprise fund ensures the operation runs like a self-supporting business. It <br />tracks all specific revenues and expenses transparently. <br />Banking Operations <br />Due to unique regulatory complexities surrounding cannabis revenues, a dedicated banking partner is <br />required. Magnifi Financial meets the compliance needs of the City for these public deposits. <br />RECOMMENDATION <br />Staff recommends the City Council approve the attached resolution to ensure immediate legal <br />compliance and operational readiness for the City's cannabis enterprise. <br />ATTACHMENTS <br />Resolution 26-043