Authorized Depository Institutions Copyright 2014
City of Dubuque Consent Items # 27.
ITEM TITLE: Authorized Depository Institutions
SUMMARY: City Manager recommending approval to add Hometown Bank as an
authorized depository for City ambulance funds.
RESOLUTION Naming Depositories
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt Resolution(s)
ATTACHMENTS:
Description Type
❑ Authorized Depository Institutions-MVM Memo City Manager Memo
❑ Authorized Depository Institutions memo Staff Memo
❑ Resolution Resolutions
THE CITY OF Dubuque
UBE I
erica .i
Masterpiece on the Mississippi 2007-2012-2013
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Authorized Depository Institutions
DATE: August 24, 2015
Finance Director Ken TeKippe recommends City Council approval to add Hometown
Bank as an authorized depository for City ambulance funds. The switch to Hometown
Bank for these funds will result in savings of$75 to $100 per month in net
fees/earnings.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Micliael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Teri Goodmann, Assistant City Manager
Kenneth J. TeKippe, Finance Director
THE CITY OF Dubuque
U E 111-America Citi
Masterpiece on the Mississippi 2007.2012.2013
TO: Michael C. Van Milligen, City Manager
FROM: Kenneth J. TeKippe, Finance Director
SUBJECT: Authorized Depository Institutions
DATE: August 24, 2015
INTRODUCTION
Chapter 12C.2 of the Code of Iowa states that a public entity shall enter into the minutes of
its governing body, by resolution or written statement, the name of each financial institution
eligible for the deposit of public funds and the maximum amount authorized for deposit
therein. This procedure is required if a financial institution changes its name or home office
location, if the maximum balance is changed, or if a financial institution is added or deleted.
DISCUSSION
The attached depository resolution adds Hometown Bank as an authorized depository
institution and establishes the maximum balance. The bank has branches in several
locations in central Wisconsin and will be used to deposit ambulance fees collected.
Monthly, the account will be used to deposit collections for ambulance fees, issue refunds
required and pay the LifeQuest fee with the net balance transferred to the City via Electronic
Funds Transfer (EFT) around the 5t" of the following month.
LifeQuest, our ambulance billing service, from Wautoma, Wisconsin prefers using
Hometown Bank since it is the primary bank used for their ambulance billing customers.
According to LifeQuest, the selection of Hometown Bank for 95% of their clients was based
on fees, convenient locations, advanced technology capabilities, focus and strength on
small local businesses and service provided. The switch in banks will result in savings of
$75-100 per month in net fees/earnings. The current bank utilized, U.S. Bank, has not
offered any alternative that could reduce net bank fees for ambulance transactions. A
deposit for$1,000 will be needed when the account is opened.
The last change to our authorized depository institutions was in May 2015 when the limit
was increased for one bank and Fidelity Bank and Trust was added as an authorized
depository institution. In addition, Liberty Bank and State Central Bank were deleted as
authorized depository institutions since they no longer have branches in Dubuque that
accept deposits.
ACTION
Please present the attached resolution to add Hometown Bank as an authorized depository
of City ambulance funds to the City Council for consideration of approval. If there are any
questions on the resolution please contact me. Thank you for your assistance.
KT/em I
Enclosure
RESOLUTION NO. 301-15
RESOLUTION NAMING DEPOSITORIES
Whereas, Chapter 12C.2 of the 2201 Code of Iowa states that the approval of a
financial institution as a depository shall be by written resolution or order which shall be
entered of record in the minutes of the approving board, and which shall distinctly name
each depository approved, and specify the maximum amount which may be kept on
deposit in each depository; and
Whereas, This procedure is required if a financial institution changes its name or
home office location, if the maximum amount is changed, or if a financial institution is
added or deleted.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That the following financial institutions are approved to be depositories of
the City of Dubuque, Iowa funds in conformance with all applicable provisions of the
2001 Iowa Code Chapter 126.2. The City Treasurer is hereby authorized to deposit City
of Dubuque, Iowa funds in amounts not to exceed the maximum approved for each
respective financial institution as set out below.
Depository Name
American Trust & Savings Bank
Dubuque Bank & Trust Company
U.S. Bank
Dupaco Community Credit Union
Premier Bank
East Dubuque Savings Bank
Fidelity Bank & Trust
BBVA Compass
Hometown Bank
Location of Home Office
Dubuque, Iowa
Dubuque, Iowa
Minneapolis, Minnesota
Dubuque, Iowa
Dubuque, Iowa
Dubuque, Iowa
Dyersville, Iowa
Birmingham, Alabama
Fond du Lac, Wisconsin
Passed, approved and adopted this 8th day of September 2015.
Attest:
Kevin
irnstahl, Cit
Arx
Ierk
Maximum Balance
$60,000,000
$60,000,000
$40,000,000
$20,000,000
$20,000,000
$20,000,000
$20,000,000
$ 100,000
$ 250,000
Roy D: Buo(Mayor