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CASPER, Wyo. — Casper city officials have named a legal custodian and investment company for 2024, disclosing potential conflicts of interest with financial institutions in which the city may invest public funds.
In a Jan. 2 resolution, the City Council approved First Interstate Bank, First State Bank, Platte Valley Bank, ANB Bank, Wyoming Government Investment Fund, US Bank, Wyoming Treasurer’s WyoSTAR and WyoSTAR II.
Deposits must be fully insured by the Federal Deposit Insurance Corporation or backed by collateral at least equal to the amount deposited, according to a memo from city staff.
The banking institution has applied to become a designated deposit account for the City of Casper. All are eligible to be designated as depositaries.
The designation of a depository by the City Council does not necessarily mean that the City will enter into a business relationship with each bank. However, the city will be allowed to enter into financial transactions with approved institutions if it so desires, the memo states.
In a separate consent agenda action, the City Council acknowledged that it had received financial information from city officials that indicated a potential conflict of interest with a publicly funded investment company. This will involve all City Council members and city staff, including City Manager Carter Napier, Financial Services Director Jill Johnson, and Comptroller Nicholas Guzman.
State law requires certain city employees to disclose whether they have a financial interest in a financial institution that is also involved in an investment by the city.
Financial interests in institutions that handle city funds include investments, checking and savings accounts, and ownership of land and buildings used by financial institutions to conduct business, according to a city staff memo. It is said that it will be done. Disclosure of financial interests must be made annually at a public meeting and made part of the public record.
See the staff memo and resolution regarding the naming of statutory custodians and investment companies in 2024 below.
The 2024 financial interest disclosures signed by city officials are below.
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