5.4 SR 01-06-2025The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community
engagement that encourages and inspires prosperity
Request for Action
To
City Council
Item Number
5.4
Meeting Date
January 6, 2025
Prepared By
Tina Allard, City Clerk
Item Description
Designate Official Depositories and Delegate
Authority for Electronic Funds Transfers
Reviewed by
Lori Stich
Joe Stremcha
Cal Portner
Action Requested
Approve, by motion, the city's official depositories for 2025 and delegate authority for electronic funds
transfers to the finance manager or their designee.
▪ First National Bank of Elk River
▪ 4M Fund
▪ Wells Fargo
▪ The Bank of Elk River
▪ US Bank
▪ UBS Financial Services
Background/Discussion
State law §118A.02 requires the city to designate official depositories for the deposit of funds and delegate
authority to make electronic funds transfers. The state auditor recommends this designation be completed
annually.
The city utilizes The Bank of Elk River for its checking account depository. Also included in the list is a list of
financial institutions the city utilizes for investments.
Financial Impact
N/A
Mission/Policy/Goal
Ethical, efficient, and responsible.
Attachments
1. MN Statute 118A.02
Page 60 of 94
118A.02 DEPOSITORIES; INVESTING: SALES, PROCEEDS, IMMUNITY.
Subdivision 1.Designation; delegation.(a) The governing body of each government entity shall
designate, as a depository of its funds, one or more financial institutions.
(b) The governing body may authorize the treasurer or chief financial officer to:
(1) designate depositories of the funds;
(2) make investments of funds under sections 118A.01 to 118A.06 or other applicable law; or
(3) both designate depositories and make investments as provided in this subdivision.
Subd. 2.Sale; proceeds; immunity, if loss.(a) The treasurer or chief financial officer of a government
entity may at any time sell obligations purchased pursuant to this section and the money received from such
sale, and the interest and profits or loss on such investment shall be credited or charged, as the case may be,
to the fund from which the investment was made.
(b) Neither such official nor government entity, nor any other official responsible for the custody of
such funds, shall be personally liable for any loss sustained from the deposit or investment of funds in
accordance with the provisions of sections 118A.04 and 118A.05.
History: 1996 c 399 art 1 s 3
Official Publication of the State of Minnesota
Revisor of Statutes
118A.02MINNESOTA STATUTES 20241
Page 61 of 94