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Cotmcilmcmbcr l:,lvig stated he will vote in favor of this to move the process forward, and plans work on making cuts to the budget. Chairpcrson Strommen directed staff to inform the Council in the next weekly update of the next work session scheduled to discuss the budget. Motion by Councilmember Olson, seconded by Chairperson Strommen, to recommend that the City ('otmcil adopt the resolution adopting the "Proposed" 2006 General Fund Budget. Motion carried. Voting Yes: Chairperson Strommen, Councilmembers Olson and Elvig. Voting No: None. Case #6: Authorize Request for Proposals for Banking Services l:inancc Officer Lund explained banking services to the City of Ramsey are currently supplied lhrough several institutions. These services include, but are not limited to, checking and market accotmls, certificates of deposit, and other investment alternatives. The City currently has its banking relationship with Bank of the West, one of the three banks that are currently located within the City limits. She explained the City's checking account is through Bank of the West and is "swept" on a daily basis into an automatic investment account. Daily deposits are handled in thc same manner as checking. The City is required to keep a minimum balance in a non- interest bearing checking account to cover service fees associated with the account such as wire, etc. Thc remaining balance is swept over into an automatic investment account and invested into securities on a daily basis. It should be noted that the non-interest bearing checking account to cover Ices bccamc effective when the Bank changed over to Bank of the West from Northland Eccurilics. Previously, the City earned interest on all funds, and were charged no service fees. Thus, the current proposal that the City has with the bank says that the City will retain the services of said bank if no terms have changed. Because of the change in terms and additional banks located in the City, the City wishes to seek bank service proposals and offers for the City's banking needs effective immediately after Council adoption. The proposed date would be November 1,2005. l.'inancc Officer Lund explained in addition to the aforementioned accounts, the City maintains money market and jumbo certificates of deposits at Landmark Community Bank and First National Bank of Elk River Bank. She advised in an attempt to keep the banking activities local, staff has prepared the Request for Proposal - Banking Services to be submitted to Landmark Communily Bank, NA, Bank of the West and Village Bank, all located in the City of Ramsey. The Finance Committee recommended that the Council direct staff to solicit proposals for banking services by the above banks. (:ouncilmcmbcr Olson stated these banks are investing in the community and the City needs to ii,vest in them. Cotmcihnember Elvig noted these banks are interested in being very aggressive to obtain business, and this is a good opportunity for the City to see what is available. Finance Committee / September 13, 2005 Page 5 of 6