HomeMy WebLinkAbout5K 2017 Investment and Banking Authority Report
4646 Dakota Street SE
Prior Lake, MN 55372
CITY COUNCIL AGENDA REPORT
MEETING DATE: SEPTEMBER 18, 2017
AGENDA #: 5K
PREPARED BY: JASON ETTER, ACCOUNTING MANAGER
PRESENTED BY: CATHY ERICKSON, FINANCE DIRECTOR
AGENDA ITEM: CONSIDER APPROVAL OF A RESOLUTION DESIGNATING INVESTMENT AND
BANKING AUTHORITY ON BEHALF OF THE CITY OF PRIOR LAKE
DISCUSSION: Introduction
The purpose of this agenda item is to update the designation of investment and
banking authority.
History
The City Council Bylaws provide that the first regularly scheduled meeting in January
is the annual meeting of the City Council. During the annual meeting, regular busi-
ness may be conducted, but a number of organizational business items, including
investment and banking authority is required to be considered
On January 9, 2017, Frank Boyles, City Manager, Don Uram, Finance Director, and
Cathy Erickson, Accounting Manager were designated with this authority.
Current Circumstances
Due to the resignation of Director Uram and the promotion of Accounting Manager
Erickson to Finance Director and Accountant Jason Etter to Accounting Manager,
the investment and banking authority resolution should be updated.
Cathy Erickson, Finance Director, will be responsible for treasury management on
behalf of the City of Prior Lake. City Manager Boyles and Accounting Manager Etter
are also included on the revised resolution.
Conclusion
The Council should approve the resolution in order to provide staff with the ability to
conduct the ongoing banking and investment services.
ALTERNATIVES: 1. Motion and second as part of the consent agenda to approve a resolution desig-
nating investment and banking authority on behalf of the City of Prior Lake as
submitted.
2. Motion and second to remove the resolution designating investment and bank-
ing authority on behalf of the City of Prior Lake from the consent agenda for ad-
ditional discussion.
RECOMMENDED
MOTION:
Alternative #1.
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 17-___
A RESOLUTION DESIGNATING INVESTMENT AND BANKING AUTHORITY
ON BEHALF OF THE CITY OF PRIOR LAKE
Motion By: Second By:
WHEREAS, the City of Prior Lake is organized as a municipal government under state statutes and duly
incorporated as a city in 1891; and
WHEREAS, the City is interested in designating and authorizing staff to conduct banking and investment
transactions; and
WHEREAS, the City is interested in investing its available funds at the highest rate of return available
subject to preservation of principal and in accordance with state statutes and consistent with
the cash flow needs of the City; and
WHEREAS, the City’s Investment Policy establishes the primary responsibility for such investments to be
charged to the City Finance Director.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. Frank Boyles, City Manager, Cathy Erickson, Finance Director, and Jason Etter, Accounting Manager
are hereby designated with full power and authority to open bank and investment accounts in the name
of the City of Prior Lake, conduct banking transactions, invest such funds of the City as deemed
necessary, and to execute all purchases and withdrawals associated with such investments.
PASSED AND ADOPTED THIS 18th DAY OF SEPTEMBER, 2017.
VOTE Briggs McGuire Thompson Braid Burkart
Aye ☐ ☐ ☐ ☐ ☐
Nay ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
______________________________
Frank Boyles, City Manager
Specimen Signatures:
________________________________ ___________________________
Frank Boyles, City Manager Jason Etter, Accounting Manager
________________________________
Cathy Erickson, Finance Director