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CCP 01092023
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CCP 01092023
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1/9/2023 12:32:12 PM
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1/9/2023 12:31:54 PM
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Roseville City Council
Document Type
Council Agenda/Packets
Meeting Date
1/9/2023
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REQUEST FOR COUNCIL ACTION <br />Date: <br />Item No.: <br />Department ApprovalCity Manager Approval <br />Item Description:Designation of Official Bank Depositories and Electronic Funds Transfers <br />Authority for 2023 <br />B ACKGROUND <br />1 <br />2 StateStatute118A.2,requirestheCitytodesignateofficialbankdepositoriesforwhichcityfunds <br />3 maybedepositedandheldforsafekeeping.Theattachedresolutionliststhoseinstitutionsthatwill <br />4 be used for various banking services. The institutions are selected on a bid basis. <br />5 <br />6 StateStatute471.38,requiresthattheCitydelegateauthoritytomakeelectronicfundstransferstoa <br />7 designated business administrator or chief financial officer. <br />8 <br />9 Traditionally,theMayor,CityManager,andFinanceDirectorhavebeendesignatedasthecitys <br />10 official signatories and the Finance Director has been delegated electronic funds transfer authority. <br />P OLICY O BJECTIVE <br />11 <br />12 Thedesignationofofficialbankdepositories,officialbanksignatoriesandauthoritytomake <br />13 electronic funds transfers is required under State Statute. <br />B UDGET I MPLICATIONS <br />14 <br />15 N/A <br />R ACIAL E QUITY I MPACT S UMMARY <br />16 <br />17 N/A <br />S TAFF R ECOMMENDATION <br />18 <br />19 Staffrecommends approval of the attached resolution. <br />R EQUESTED C OUNCIL A CTION <br />20 <br />21 Adopttheattachedresolutiondesignatingtheofficialbankdepositoriesfor2023anddesignatingthe <br />22 Finance Director Michelle Pietrick the authority to make electronic funds transfers for2023. <br />23 <br />Prepared by:Joshua Kent, Assistant Finance Director <br />Attachments:A:Resolution designating the official depositories for 2023 and electronic funds transfer authority for <br />2023 <br />B.Minnesota Statutes 118 A.02 and 471.38 <br />24 <br />Page1 of 3 <br /> <br />
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