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The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community <br />engagement that encourages and inspires prosperity <br /> <br /> <br />Request for Action <br /> <br />To <br />City Council <br />Item Number <br />5.4 <br /> <br />Meeting Date <br />January 6, 2025 <br />Prepared By <br />Tina Allard, City Clerk <br /> <br />Item Description <br />Designate Official Depositories and Delegate <br />Authority for Electronic Funds Transfers <br />Reviewed by <br />Lori Stich <br />Joe Stremcha <br />Cal Portner <br /> <br />Action Requested <br />Approve, by motion, the city's official depositories for 2025 and delegate authority for electronic funds <br />transfers to the finance manager or their designee. <br />▪ First National Bank of Elk River <br />▪ 4M Fund <br />▪ Wells Fargo <br />▪ The Bank of Elk River <br />▪ US Bank <br />▪ UBS Financial Services <br /> <br /> <br />Background/Discussion <br />State law §118A.02 requires the city to designate official depositories for the deposit of funds and delegate <br />authority to make electronic funds transfers. The state auditor recommends this designation be completed <br />annually. <br /> <br />The city utilizes The Bank of Elk River for its checking account depository. Also included in the list is a list of <br />financial institutions the city utilizes for investments. <br /> <br />Financial Impact <br />N/A <br /> <br />Mission/Policy/Goal <br />Ethical, efficient, and responsible. <br /> <br />Attachments <br />1. MN Statute 118A.02 <br /> <br /> <br />Page 60 of 94