HomeMy WebLinkAbout6.f. Annual Electronic Funds Transfer
EXECUTIVE SUMMARY
City Council Regular Meeting: January 10, 2023
AGENDA ITEM: Annual Electronic Funds Transfer
Authorization
AGENDA SECTION:
Consent
PREPARED BY: Teah Malecha, Finance Director AGENDA NO. 6.f.
ATTACHMENTS: Electronic Funds Transfer Authorization
Form APPROVED BY: LJM
RECOMMENDED ACTION: Motion to approve the annual Electronic Funds Transfer
Authorization Form.
BACKGROUND
The City relies on technology for making electronic payments of payroll. As the City continues to create
efficiencies, the ability to make electronic payments will continue to expand. The City adopted an
Electronic Funds Transfer Policy in August 2021 in accordance with Minnesota State Statute §471.38. It
allows local governments to complete electronic funds transfers, rather than sending paper checks, for the
following:
• A claim for a payment from an imprest payroll bank account or investment of excess money;
• A payment of tax or aid anticipation certificates;
• A payment of contributions to pension or retirement funds;
• Payments to vendors; and
• Payment of bond principle, bond interest and a fiscal agent service charge from a debt redemption
fund.
The City will also provide our current financial institutions with an Electronic Funds Transfer
Authorization Form stating employees who are authorized to make electronic payment, bank wires, etc.
This form will be updated annually and issued to the City’s financial institutions.
RECOMMENDATION
Staff recommends approval of the annual Electronic Funds Transfer Authorization Form.
ELECTRONIC FUNDS TRANSFER AUTHORIZATION FORM
The City of Rosemount has adopted an Electronic Funds Transfer Policy for 2021 as required by
Minnesota Statute 471.38. City council hereby authorizes the City Administrator, Finance Director,
and Accountant to make electronic funds transfers. These transfers can occur via bank wire or
online banking. The city will maintain documentation of the electronic funds transfer according to
retention practices.
ADOPTED this 10th day of January, 2023, by the City Council of the City of Rosemount.
________________________________
Jeffrey Weisensel, Mayor
ATTEST:
________________________________
Erin Fasbender, City Clerk