This resolution does not change the current authorized positions who are are designated to perform investing and banking transactions, but does reflect that Mayor-elect Lehman will be authorized to sign checks beginning in January 2023.  Currently the Mayor and Finance Director sign all checks.  While not legally required, it is considered a best practice to formally adopt a resolution of authorized individuals annually.   Additionally, banks often require a formal action of the City Council recognizing the staff authorized to sign checks and authorize certain bank transactions.

The attached resolution also 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 to remove Securian Asset Management, Inc and UBS Financial Services from the list as these brokers are no longer utilized by City staff..  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 audit each year.

The resolution will become effective January 1, 2023.