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City Council Meeting: 1117/23 Authorization of Electronic Funds Transfer. A. REFERENCE AND BACKGROUND: Due to increased re. iiance ❑n technology for sending and receiving payments, the City.shouId.adopt an Electronic. Funds Transfer policy. The purpose of the.; policy is to set forth the circumstances in which the City may make. electronic funds transfers. Minnesota.5tatute471.38%states that a. local government May make an.cIectronic funds transfer for the Following: 1, A claim payment: from an imprest payroll bank account or investment ofexcess money; 2. For a payinent of.#ax. or aid anticipation certificates' 3. For a.payFnent of contributions. to pension or retirement fund; 4. For vendor payments; and 5. For payment of bond principal, bond interest,.and a fiscal agent service charge, The City currently completes payments for all the above transactions except #2 and -94. The policy states What type.of transactions can be done by electronic funds transfer,. whicli staff incnibers are. authorized to make the transfers, and the approvalprocess'of the transfers.. The policy requires the City Council to am! ualIydelegate who has the autharity.to make electronic funds transfers ❑n behalf of the;CityI Therefore, it is recommended the City authorize the.City. Treasurer and .City Clerk the authority to .make electronic: funds transfers.. AL. Budget Impact: There is no budget impact. A2. Staff Workload Impact: There would. be no staff workloads over and above staff time already spent on this activity, .B. ALTERNATIVE ACTIONS: Approve the Electronic Funds Transfer Policy and Authorization to make Electronic Funds Transfer on behalf of the City to the CityTreasurer..and City Clerk. 2, Approve the Electronic Funds Transfer Policy and Authorization to make Ekctroriic Funds Transfer, on behalf of the City with modifications to the list above. Do not approve the Electronic Funds Trans fer.PoIicy and Authorization:to make Electronic Furid s Transfer. C: STAFF RECONIMENDA.TION: Staffreco3nmend§ alternative #1., approving the Electronic Funds "Transfer Policy and Authorization to make, Electronic Funds Transfer on behalf of the City to the. City Treasurer, Finance and City. Clerk. D. SUPPORTING DATA; Electronic Funds l'rahsfer Policy.