4.5 SR 01-02-2024
Request for Action
To Item Number
Mayor and City Council 4.5
Agenda Section Meeting Date Prepared by
Consent Agenda January 2, 2024 Tina Allard, City Clerk
Item Description Reviewed by
Resolution: Designate Official Depositories and Cal Portner, City Administrator
Delegate Authority for Electronic Funds Transfers
Reviewed by
Lori Stich, Finance Manager
Action Requested
Adopt, by motion, a resolution authorizing the city’s official depositories for 2024 and delegate authority for
electronic funds transfers.
Background/Discussion
The city code and state law require the city to annually designate official depositories for the deposit of funds and
delegate authority to make electronic funds transfers.
Financial Impact
N/A
Mission/Policy/Goal
Elk River Municipal Mission Components: Responsible for every dollar – good stewards
Attachments
Resolution
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional
service, and community engagement that encourages and inspires prosperity.
Updated: January 2023
City of Elk River
City Council
Resolution 24-
A Resolution of the City Council of the City of Elk River Designating
Depositories of City Funds and Delegating Authority for Electronic Funds
Transfers
WHEREAS, Minnesota Statutes §118A.02 sets forth the procedures for the deposit of
public funds; and
WHEREAS, it is necessary for the Elk River City Council or its delegate to annually
designate a bank (or banks) as the official depository for city funds and manage collateral
pledged to such funds; and
WHEREAS, the Elk River City Council shall annually delegate the authority to make
electronic funds transfers to the city finance manager or the officer’s designee.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk
River, Minnesota, that the following named banks are hereby designated as the city’s official
depositories for the funds of the City of Elk River, Minnesota:
1. First National Bank of Elk River
2. 4M Fund
3. Wells Fargo
4. The Bank of Elk River
5. US Bank
6. UBS Financial Services
BE IT FURTHER RESOLVED the city finance manager may recommend additional
depositories be designated for the purpose of investing funds and be delegated authority for
electronic funds transfers.
nd
Passed and adopted this 2 day of January 2024.
John J. Dietz, Mayor
ATTEST:
Tina Allard, City Clerk