HomeMy WebLinkAboutItem 06.e
Item No.
RESOLUTION APPOINTING DEPOSITORIES
FOR THE CITY OF LAKEVILLE
Proposed Action
Staff recommends adoption of the following motion: Move to approve resolution appointing
depositories for the City of Lakeville.
Overview
Minnesota Statute §118A.02 states that the City Council shall designate, as a depository of its
funds, one or more financial institutions, and that the City Council may authorize the city treasurer
to make investments of funds under sections 118A.01 to 118A.06 or other applicable law. The
governing body is responsible for deciding where public funds will be deposited. Most government
entities designate a depository on either an annual or biennial basis.
All checking and controlled disbursement accounts for the City are at U.S. Bank. The checking
accounts for the Downtown Special Services District and ALF Ambulance are at Wells Fargo Bank.
U.S. Bank sweeps funds to or from the 4M Money Market at the end of each day which eliminates
the need to monitor collateral and ensures the City’s deposits are compliant with state statute
requirements. The balances in the Downtown Special Services District and ALF Ambulance are
minimal but are monitored for collateral requirements by city staff. All Lakeville banks and
current/anticipated financial security dealers are included as additional depositories.
Investments are made in accordance with Minnesota State Statutes and City of Lakeville
Investment Policy. Short-term cash flow needs are held in the 4M money market fund.
Primary Issues to Consider
• Are all cash and investments transactions handled in accordance with Minnesota Statutes
and sound investment policies? The Auditors confirm that the investments and cash
management practices are appropriately handled in accordance with the approved policies
and generally accepted accounting procedures.
Supporting Information
• Resolution
Financial Impact: $ Budgeted: Y☐ N☐ Source:
Related Documents: (CIP, ERP, etc.):
Envision Lakeville Community Values: Good Value for Public Services
Report Completed by: Jerilyn Erickson, Finance Director
January 4, 2021
N/A
Investment Policy
CITY OF LAKEVILLE
RESOLUTION NO. ____
RESOLUTION APPOINTING DEPOSITORIES FOR THE CITY OF LAKEVILLE
WHEREAS, Minnesota Statute §118A.02, subd. 1 states that the City Council shall designate, as
a depository of its funds, one or more financial institutions, and that the City Council may
authorize the city treasurer to make investments of funds under sections 118A.01 to 118A.06 or
other applicable law; and
WHEREAS, all deposits of public funds will be insured or secured in accordance with Minnesota
Statute §118A.03; and
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Lakeville,
Minnesota as follows:
1. The Mayor and Treasurer are hereby authorized to execute any required documents with
depositories named below, including signature cards and agreements.
2. The Treasurer (or designee) is hereby authorized to invest City funds under sections
118A.01 to 118A.06 or other applicable law with depositories named below.
3. U.S. Bank N.A. will be the primary depository of the City .
4. Well Fargo Bank N.A. will be the primary depository for the Downtown Special Services
District and ALF Ambulance.
5. The following institutions are hereby named additional depositories subject to legal
compliance with maximum deposit and collateral requirements:
Affinity Plus Federal Credit Union – 17555 Kenwood Trl
Bank of America – 17599 Kenwood Trl
BMO Harris – 17636 Kenwood Trl
Citizens Bank – 18476 Kenrick Ave
Firefly Credit Union – 17533 Cedar Ave
Frandsen Bank & Trust– 20280 Iberia Ave
Great Southern Bank – 10880 175th St W
Lakeview Bank – 9725 163rd St W
Minnesota Municipal Money Market Fund (4M Fund)
Morgan Stanley
New Market Bank – 20151 Icenic Trl
Old National Bank – 9202 202nd St W
PMA Financial Network, Inc.
RBC Capital Markets
Sterling State Bank – 16366 Kenrick Ave
Stifel Nicolaus & Co, Inc.
TCF National Bank – 17269 Kenyon Ave
UBS Financial Services, Inc.
U.S. Bancorp
Wells Fargo Bank N.A. – 8790 207th St W
Wells Fargo Securities
Wings Financial Credit Union – 16042 Pilot Knob Rd
ADOPTED by the Lakeville City Council this 4th day of January 2021.
______________________________
Douglas P. Anderson, Mayor
_________________________________
Charlene Friedges, City Clerk