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City Council Meeting: 1/16/24 <br /> <br /> <br />1 <br /> <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 City of <br />Gem Lake. Staff has been satisfied with Premier Bank’s service and the relationship and therefore, it is staff’s <br />recommendation that the City's official depository for 2024 be: <br /> <br /> Premier Bank <br /> 2151 Third Street <br /> White Bear Lake, MN 55110 <br /> <br />In addition, the City uses the following institutions for investment of the City's idle funds for 2024: <br /> <br /> <br />UBS Financial Services, Inc. <br />Advisor and Brokerage Services <br />681 East Lake Street, Suite 354 <br />Wayzata, MN 55391 <br /> <br /> <br />I would recommend the use of this firm for the investment of idle funds for 2024. This firm is aware of the City's <br />investment policy and have or will provide a Broker’s Certification, which certifies they have read and will comply <br />with that policy. <br /> <br />The City's average interest rate is 1.62% and current yield is 1.34% on cash (money markets and checking) and <br />investments of $1,405,810.78 as of November 30, 2022. <br /> <br />A1. Budget Impact: The only budget impact is the amount of interest earnings which is budgeted as <br />an estimate based on last year’s average cash balances and estimated interest rates. <br /> <br />A2. Staff Workload Impact: There would be no staff workloads over and above staff time already <br />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 Bank as <br />official depository for banking services for 2024. <br /> <br />2. Approve the institution listed above as investment institution for the City and Premier Bank as <br />official depository for banking services for 2024 with some changes. <br /> <br />3. Do not approve the institution listed above as investment institution for the City and Premier as <br />official depository for banking services for 2024. <br /> <br />C. STAFF RECOMMENDATION: <br /> <br />Staff recommends approving the institution listed above as investment institution for the City and Premier Bank as <br />official depository for banking services for 2024. <br /> <br />D. SUPPORTING DATA: <br /> <br /> None.