Laserfiche WebLink
I�EPAR'C; IL'•�,ST: Pinance <br />POLICY TITL� - Cash and Investments <br />'I'lie f2oseville State Bank was the first han�: in Roseville in �vliich the City main- <br />tained a checkinQ account and assisted witli City investments. Severa.l yeaxs ago <br />the Council requested that a].1 banks anc� savings and loan institutions located <br />in Roseville be made official cEe�ositories Eor the City.monies, and t}iis �ractice <br />is still zn ef.fect. <br />Policy Statement - <br />Tl�e City cleposits monies received in checking accounts �hat are niainfiained in <br />each of the City's banks and eacli account is coilateralized as required by law. <br />These checking accounts are not rotated between banks. investment transactions <br />are handled by each of the banks with investments being made in tlie types of <br />securities that are perrr►itted by 1ati� and as specified by the C�.ty Finance Director. <br />Savinas and loan institution investments are time deposits and limited in amount as <br />pxovided by law. Safety, li.guidity, yield and scheduling of matur�ties are inzportant <br />criteria applied in selecting investments tor City monies. <br />Procedure Statement - <br />�1onies received daily are deposited to the appronrzate checking accounts. The <br />North Star State I3ank has a cliecking account £or constxucti.on funds, "tid America <br />National 3ank a checking account far INorkmen's Co�pensation Self Insurance Fund, <br />and the 2oseville State E3ank a checking account for other City funds includin�; <br />the General, I)eU't Sinlcina and Sanitary Sewer and t'Jater Utility Funds. Invest�ent <br />transactions are hanclled by each of fihe banks ti,�ith investments as per�nitted by <br />law being made in these major types of securities: Direct U. 5. Government <br />Obligation, Federal Agency Issues, and Time Derosits. Investments in savings <br />and loan institutzons are time deposits and limited in amount as Provided �y <br />law. Cash receipt and disbursement records are maintained and znvestments are <br />purchased as monies become availablc witli the investment cxiterza of safety, <br />Iiquidity, yield and scliedulin� of maturities being followed. Investment <br />schedules are rnainta�necl for all purcliases and maturities showing clates, cost <br />and interest eaxned.� Each year the auditors examine the investment sc}ledules and <br />oUtain a physical verification of the securities held in safekeeping at year end. <br />Authority: 5tate and Federal Statutes - Coun�il Action <br />s-:�a-�a <br />