title
Resolution Designating Official Depositories for City Funds
body
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Department: |
Finance |
Meeting Date: |
6/2/2026 |
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Contact Name: |
Martha Wayne |
Public Hearing: |
No |
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Contact Phone: |
910-341-4692 |
Advertising Date/Advertised By: |
N/A |
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Attachments: |
Attachment #1: Resolution |
PURPOSE:
Attached for your consideration is a resolution amending the City of Wilmington's list of financial institutions designated as official depositories.
BACKGROUND:
N.C.G.S. §159-31 requires the City to designate financial institutions as official depositories for City funds. City Council has previously designated Bank of America, N.A. as its central depository based upon the results of the Banking Services Request for Proposal (“RFP”). Additionally, to take advantage of competitive interest rates offered by other financial institutions, Council approved a list of additional banks as official depositories that is amended periodically through Council action. This list is comprised of banks certified by the State Treasurer.
To take advantage of the competitive interest rates currently being offered, staff recommends updating the list of banks designated as official depositories to include Live Oak Bank, which is certified by the State Treasurer.
BUDGET IMPACT:
There is no impact on the budget from this resolution.
RECOMMENDATION / ACTION REQUESTED:
Passage of the attached resolution is recommended.