City of Oak Creek

Common Council Report

Meeting Date:12/16/03

Item No.:         11

Recommendation: 

That the Common Council adopt Resolution No. 10325-121603, a Resolution Amending Resolution No. 9202-061796 and Resolution No. 9822-041800, Regarding Public Depositories

Background: 

In accordance with the City’s investment policy, only financial institutions approved by Common Council resolution shall be considered as public depositories.  Any financial institution serving as a depository for the City of Oak Creek must provide documentation as to their fiscal soundness and professional certifications and registrations, and must certify agreement with the terms and requirements of the City’s investment policy.

In Resolutions No. 9202 and 9822, the Council approved a list of authorized depositories.  At this time, we would like to add Associated Bank to the approved list.  Associated Bank has a Municipal Cash Management Investment Account that meets our investment policy guidelines and offers an opportunity to attain a small increase in interest earnings. Because this particular depository has not been reviewed by the Finance Committee, the City would be placing the minimum amount needed to benefit from this account, and would have all depositories reviewed at the Finance Committee’s next meeting or at the time of their annual review of all vendors. 

Fiscal Impact: 

The City would see a bonus interest rate of 30 basis points above the rate paid by the Local Government Investment Pool by maintaining a minimum balance of $500,000 on deposit.

Prepared by and Fiscal Review by:

Beverly A. Buretta, CMC

City Clerk