Laserfiche WebLink
<br />Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Mayor and City Council 4.5 <br />Agenda Section Meeting Date Prepared by <br />Consent January 3, 2022 Katie Porath, Records Specialist <br />Item Description Reviewed by <br />Declare Official Depositories and Delegate Lori Ziemer, Finance Director <br />Authority for Electronic Funds Transfer <br />Reviewed by <br />Cal Portner, City Administrator <br /> <br />Action Requested <br /> Adopt, by motion, a resolution authorizing the city’s official depositories for 2022 and delegate authority <br />for electronic funds transfers. <br /> Accept, by motion, a policy for safe electronic transfers and payments. <br /> <br />Background/Discussion <br />City code and state law require the city to annually designate official depositories for the deposit of funds and <br />delegate authority to make electronic funds transfers. <br /> <br />With the pandemic, there has been a substantial increase in electronic funds transfer (EFT) fraud attacks. These <br />EFT fraud attacks usually start with a phishing email or a phone call purporting to be from a reputable company <br />or trusted person in order to trick individuals into revealing sensitive information or making fraudulent payments. <br />The League of Minnesota Cities has drafted a policy for safe electronic transfers and payments for a city to avoid <br />EFT fraud. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />Elk River Municipal Mission Components: Responsible for every dollar – good stewards <br /> <br />Attachments <br /> Resolution <br /> Electronic Transfers and Payments Policy <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br /> <br />service, and community engagement that encourages and inspires prosperity. <br /> Updated: August 2020 <br />