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REQUEST FOR COUNCIL ACTION Date:08/28/40 Item No.: E—1 Department Approval: Manager Reviewed Agenda Section OrrTani za t j,onal i:us Ines s Item Description: Resolution for Beta Test Banking Background North Star Bank, the City's current banking institution, has been working on an internet banking module for its commercial customers. The City has been actively interested in such a service and for the past three years, we has been strongly encouraging the Bank to move the project along. The Bank is now ready to implement the commercial project and has asked the City to be one of the eta sites. The advantages are significant. By having on-line access, we can better manage our daily cash balances, initiate stop payments, activate ACH and wires, download statements,upload automatic bi-weekly payroll, transfer funds between accounts e.g. transfers to the payroll account. The security and internal controls required are essentially the same as we currently utilize i.e. all banking transactions can only be done by authorized persons with the proper passwords. All transactions currently and under the beta test are subject to supervisory verification both in the finance office and at the Bank. Financial Implications There are no additional costs to the City. As this is an intemet transaction and the City already has intemet to the desktop, there are no additional investments necessary. Staff Recommendations Having banking-on-line, was one of the specification requirements at the time of banking bid award. While it has not been a timely 'as we would have liked, we are ready to cooperate with the Bank to implement this service. Staff is recommending,upon a legal review by our City Attorney,that the City participate in the beta testing of the on-line banking program. Council Action Motion to approve the attached resolution, allowing the City to participate in the beta on-lime test of North Star's commercial banking program upon an affirmative review by the City Attorney.