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City Council Meeting: 12/17/24 <br /> <br /> <br />1 <br /> Consideration of Designation of City of Gem Lake’s Official Depository. <br /> <br />A. REFERENCE AND BACKGROUND: <br /> <br />Premier Bank has been the City’s official depository since before the Township started working with the <br />City of Gem Lake. Staff has been satisfied with Premier Bank’s service and the relationship and <br />therefore, it is staff’s recommendation that the City's official depository for 2025 be: <br /> <br /> Premier Bank <br /> 2151 Third Street <br /> White Bear Lake, MN 55110 <br /> <br />In addition, the City to use the following institutions for investment of the City's idle funds for 2025: <br /> <br />UBS Financial Services, Inc. AND RBC Wealth Management <br />Advisor and Brokerage Services Carlson Center, Suite 500 <br />681 East Lake Street, Suite 354 601 Carlson Parkway <br />Wayzata, MN 55391 Minnetonka, MN 55305 <br /> <br />I would recommend the use of these firm for the investment of idle funds for 2025. These firms are <br />aware of the City's investment policy and have or will provide a Broker’s Certification, which certifies <br />they have read and will comply with that policy. <br /> <br />The City's average interest rate is 2.12% and current yield is 2.69% on cash (money markets and <br />checking) and investments of $1,515,647.44 as of October 31, 2024. <br /> <br />A1. Budget Impact: The only budget impact is the amount of interest earnings which is <br />budgeted as an estimate based on last year’s average cash balances and estimated interest <br />rates. <br /> <br />A2. Staff Workload Impact: There would be no staff workloads over and above staff time <br />already spent on this activity. <br /> <br />B. ALTERNATIVE ACTIONS: <br /> <br />1. Approve the institution listed above as investment institution for the City and Premier <br />Bank as official depository for banking services for 2025. <br /> <br />2. Approve the institution listed above as investment institution for the City and Premier <br />Bank as official depository for banking services for 2025 with some changes. <br /> <br />3. Do not approve the institution listed above as investment institution for the City and <br />Premier as official depository for banking services for 2025. <br /> <br />C. STAFF RECOMMENDATION: <br /> <br />Staff recommends approving the institution listed above as investment institution for the City and Premier <br />Bank as official depository for banking services for 2025. <br /> <br />D. SUPPORTING DATA: <br /> <br /> None.