The State Auditor's Office requires an annual delegation of authority to make electronic funds transfers to a chief financial officer or the officer's designee. It's unclear if State Statutes require this delegation on an annual basis or only as personnel changes happen. The City Council last approved banking individuals via Resolution No. 7683 on February 16, 2016. Annually approving banking authorizations is a good housekeeping practice, even if there are no changes in personnel. 

The Mayor and the Finance Director will continue to be the authorized signers on all physical checks. The Finance Director and Accounting Manager are authorized to make electronic funds transfers into and out of the city's accounts for various purposes including investments, payroll withholdings, debt service payments and other banking transactions as deemed appropriate. 

Banking controls require dual authorization for wires and ACH's created within the city's banking system. For example, the Finance Director and Accounting manager are only allowed to release wires and ACH's that must be first created by other finance or administration staff. The Finance Director and Accounting Manager do not have authority to create wires and conversely other finance and administration staff can only create wires but cannot release wires.  This dual authorization ensures a segregation of duties. 

The attached resolution will supersede all prior and conflicting resolutions, including Resolution No. 7683.