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2020_0427_CCPacket
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2020_0427_CCPacket
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1/7/2022 8:50:17 AM
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Roseville City Council
Document Type
Council Agenda/Packets
Meeting Date
4/27/2020
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REQUEST FOR COUNCIL ACTION <br /> Date: January 10, 2022 <br /> Item No.: 9.c <br />Department Approval City Manager Approval <br />Item Description: Designation of Official Bank Depositories and Electronic Funds Transfers <br />Authority for 2022 <br /> <br />1 B ACKGROUND <br />2 State Statute 118 A.2, requires the City to designate official bank depositories for which city funds may <br />3 be deposited and held for safekeeping. The attached resolution lists those institutions that will be used <br />4 for various banking services. The institutions are selected on a bid basis. <br />5 <br />6 State Statute 471.38, requires that the City delegate authority to make electronic funds transfers to a <br />7 designated business administrator or chief financial officer. <br />8 <br />9 P OLICY O BJECTIVE <br />10 The designation of official bank depositories and authority to make electronic funds transfers is required <br />11 under State Statute. <br />12 F INANCIAL I MPACTS <br />13 Not applicable. <br />14 S TAFF R ECOMMENDATION <br />15 Staff recommends approval of the attached resolution. <br />16 R EQUESTED C OUNCIL A CTION <br />17 Adopt the attached resolution designating the official bank depositoriesfor 2022 and designating the <br />18 Finance Director Michelle Pietrick the authority to make electronic funds transfers for 2022. <br />19 <br />Prepared by: Jason C Schirmacher, Assistant Finance Director <br />Attachments: A: Resolution designating the official depositories for 2022 and electronic funds transfer authority for <br />2022 <br /> B. Minnesota Statutes 118 A.02 and 471.38 <br /> <br />20 <br />Page 1 of 3 <br /> <br />
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