Organizational Business - Joe Huss, Finance Director/Asst. City Manager
Title
Title
Designate Official City Depositories for 2022
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Executive Summary
Pursuant to Minnesota statutes, Council is required to annually designate depositories of city funds.
Background
This item fulfills the requirement of Minnesota State Statute 118A.02. 21st Century Bank serves as the City’s primary banking services provider and US Bank is used as a depository for certain investment transactions. Village Bank is the primary provider for Twin Cities Gateway, the local tourism board for which Blaine serves as the fiscal agent.
Strategic Plan Relationship
Compliance with statutes governing the deposit and investment of city funds contributes to the financial stability of the City.
Board/Commission Review
Not required.
Financial Impact
The city incurs roughly $75,000 in banking and bank related fees annually.
Public Outreach/Input
None required.
Staff Recommendation
By motion, designate the following as official depositories for City funds in 2022:
21st Century Bank
Village Bank
US Bank
Attachment List
No attachments.