2.3 ERMU 12-12-2023Elk River
Municipal Utilities UTILITIES COMMISSION MEETING
TO:
FROM:
ERMU Commission
Tony Mauren — Governance & Communications Manager
MEETING DATE:
AGENDA ITEM NUMBER:
December 12, 2023
2.3
SUBJECT:
Designate 2024 Official Depository and Delegate Authority for Electronic Funds Transfers
ACTION REQUESTED:
Adopt Resolution No. 23-09 Designating Official Depository of ERMU Funds and Delegating
Authority for Electronic Funds Transfers
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 and delegate authority to make electronic funds transfers.
Staff recommends designating First Bank of Elk River as the utilities' official depository for the
funds of ERMU for 2024, and authorizing the finance manager to designate additional
depositories for the purpose of investing funds per our brokers' recommendation and our
investment policy guidelines. Staff also recommends delegating authority to the finance
manager for electronic funds transfers.
FINANCIAL IMPACT:
N/A
ATTACHMENT:
• Resolution No. 23-09 Designating Official Depository of ERMU Funds and Delegating
Authority for Electronic Funds Transfers
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