2.3 ERMUSR 12-08-2020UTILITIES COMMISSION MEETING
TO: FROM:
ERMU Commission Theresa Slominski General Manager
MEETING DATE: AGENDA ITEM NUMBER:
December 8, 2020 2.3
SUBJECT:
2021 Official Depository
ACTION REQUESTED:
Designate First Bank of Elk River as the official depository for 2021, and authorize the Finance
Manager to designate additional depositories for the purpose of investing funds per our
BACKGROUND/DISCUSSION:
Minnesota Statutes Section 118A.02 sets forth the procedures for the deposit of public funds
and it is necessary for the Utilities Commission to annually designate a bank (or banks) as the
official depository for utility funds.
Staff recommends designating First Bank of Elk River as t
funds of Elk River Municipal Utilities for 2021. Staff also recommends the Finance Manager be
able to designate additional depositories for the purp
recommendation and our investment policy guidelines.
FINANCIAL IMPACT:
N/A
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