This resolution does not change the current authorized individuals who are designated to perform investing and banking transactions.  However, staff feels that it is an important practice to formally adopt the authorized individuals on an annual basis at the beginning of each year.

The city's bank requires formal action of the City Council recognizing the staff authorized to sign city checks and authorize certain bank transactions.  Currently the Mayor and Finance Director sign all checks.

Additionally, the attached resolution identifies the authorized depositories for City funds.  This includes banks the City works with on a regular basis as well as those that may become a depository during the fiscal year.  This year staff is proposing the addition of HomeTown Bank.  HomeTown bank has a physical presence in Shakopee and staff believes the bank's short term deposit accounts could complement existing checking and savings accounts at Old National Bank.  Current rates quoted to the City were higher than our current savings account rates.  If the City has no activity with a bank/broker during the previous fiscal year, that firm will not be included in the succeeding year's list.  All brokers must file an appropriate Broker Certification Form, a requirement of Minnesota Statutes, to transact business with the City of Shakopee.  All documentation is reviewed by the City's auditors during the financial statement audit each year.