HomeMy WebLinkAbout5.F.7. Banking Services-Res. No. 7105F . 7,
CITY OF SHAKOPEE
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TO: Mayor and City Council �
Mark McNeill, City Administrator
FROM: Julie A. Linnihan, Finance Director
SUBJECT: Banking Services Update
DATE: June 10, 2011
INTRODUCTION:
The City Council has previously authorized the designation of financial depositories. This authorization
provides for the depository of City public funds, at specific institutions.
BACKGROUND:
During the annual audit process, this action is reviewed by external audit staff. During the 2011 field
work for the 2010 audit, the authorization was reviewed, and an upgrade to the document suggested by
audit staff from Kern, DeWenter & Viere (KDV). The change to the document language is presented at
this meeting.
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The attached document provides for a position specific authorization, rather than a name specific
authorization, which will provide for a broader coverage of the approval, as individuals may change
within an organization, but the positions will historically change with less frequency, which provides the
City with a more usable document for a longer period of time.
GOAL:
This item is a housekeeping action, goal F.
ACTION REQUESTED:
If Council concurs,
Offer Resolution No. 7105, A Resolution Authorizing Banking Services with Voyager Bank, and move its
adoption.
Banking services position authorization 2011
Resolution No. 7105
A Resolution Authorizing Banking Services with Voyager Bank
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SHAKOPEE, MINNESOTA, that Voyager Bank is
designated as a depository of city funds.
IT IS FURTHER RESOLVED, that checks, drafts, or other withdrawal orders issued against the funds of the
city on deposit with said bank shall be signed by all three of the following:
Mayor; City Clerk; and; Finance Director (Treasurer)
and that said bank is hereby fully authorized to pay and charge to the account of the city any checks,
drafts or other withdrawal orders.
IT IS FURTHER RESOLVED, that said bank is hereby requested, authorized and directed to honor checks,
drafts or other orders for the payment of money drawn in the city's name, including those drawn to the
individual order of any person or persons whose name or names appear thereon as signer or signers
thereof, when bearing or purporting to bear the facsimile signatures of the above listed officials. The
banks shall be entitled to honor and to charge the city for all such checks, drafts or other orders,
regardless of by whom or by what means the facsimile signature or signatures thereon may have been
affixed thereto, specimens duly certified to or filed with said bank by the City Clerk or other officer of
the city.
IT IS FURTHER RESOLVED, that following are authorized to make transfers into and out of the city
accounts for various purposes including investments, payroll withholdings and debt service payments
and other banking transactions as deemed appropriate by the:
Finance Director (Treasurer); Senior Accounting Clerk, Payroll /HR Technician
IT IS FURTHER RESOLVED, that this resolution supersedes Resolution No. 6724.
Adopted in session of the City Council of the City of Shakopee, Minnesota,
held this day of 2011.
Mayor of the City of Shakopee
ATTEST:
City Clerk