Agenda - Council - 11/25/1997 - Laserfiche WebLink

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1. Daily deposits - 1,500 items [20 deposits with 75 items each] 2. Checks and drafts - 400 items [includes non-ACH payroll checks] 3. Wire transfers; outgoing - 4, incoming - 5 4. Returned NSF check - 1 5. ACH fees - 60 items [two payrolls with 30 items each] Miscellaneous Information ' The City currently maintains a checking account that is "swept" on a daily basis into the 4M Fund. Deposits are made into a money market checking account and transferred to the "sweep" ' account approximately four (4) to six (6) times monthly. The 4M Fund compounds interest on a daily basis and the yield is net of all fees and charges. Sweeps and wires in receive interest on the day they are credited. The money market checking account earns interest at a significantly lower rate. Currently the only direct fee that the City pays for banking services is the cost of deposit slips and checks [vendor other than banking institution]. Currently tax settlements and all investment activities take place through wires directly into the 4M Fund. It is anticipated that beginning in 1998, state aid payments and other grant activities will be accomplished via wires. Please state whether the interest rate on these accounts could be negotiated. The Citycurrently invests its idle funds through several banks and brokerages with the Finance Y g g Officer managing the portfolio. These investments include money market savings, certificates of deposits, US government securities, and other investments authorized in the State Statutes and the City of Ramsey Investment Policies. In many instances the City requires collateral on deposits and investment in excess of the FDIC/FSLIC limits. Please provide information on how your institution handles this need for additional collateral. For clarification on any of the items in the Request for Proposal contact Jessie L. Hart, Finance ' Officer, at 427-1410. 11