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City Council Meeting: l i l 7/23 Consideration of Desi-pination of City of Gem Lake's Official Depository, A. REFERENCE AND BACKGROUND: Premier Sank has been the `City's.official depositary since before the Township started working with the City of Gem bake, Staff It as been. satisfied with Premier Bank: s. service and the relationship and: therefore, it is staff-s recommendation.that the City's official depository_for,2_023 be: Premier Bank 2151 Third Street' White Beat- Lake, NIN 55110 In addition, the City uses the fallowing institutions For investment of the City's "idle funds for 2023: UBS FinancialServices, Inc. Advisor and Brokerage Services 68:1 East Lake. Street, Suite 354 Wgzata, MN 55391 I would recommend the use of this firm for the investment oidle ftinds.for 2023. This firm is aware Of the City's investment policy and have or will provide a Broker's Certification, which certifies they have read and: wil.l comply Nvith that policy. The City's.averaae interest rate is 1..62%. acid curreat yiold is I.34% 0n cash (moitey markets acid checking) and investments ofS1,405,810.7.8.as of November 30.2071 Al. Budget Impact. The only budget impact is the amount of interest earnings which is budgeted as an estimate based on iast.year's average cash balances and estimated interest rates. AZ. Staff Workload Impact: 'There. would be.no.staff workloads over and above:staff tiinr. al. ready spent on this:aGtivity, 8- AlLTERNATIVF ACTIONS: approve the institution listed above -as investment institution. for the City and Premier Bank'as official depository for banking. services for 2023. 2, Approve the institution listed above as in vestment. i nstitution for the City And .Premier Bank as official depository for banking services for 2023 with some changes. 3.. Do not approve:theinstitution listed. above.as investment institution for the. City and Premier as official depository for banking services for 2023.. G: S`1'AFiF RECOMMENDATION: Staff recommends approving t:he institution.Iisted above as investment institution far the City and Premier Bank as official depository I'or :banking. services for 2023. D. SUPPORTING DATA: None.