CASPER, Wyo. — City of Casper officials have named legal depositories and investment firms for 2024 and disclosed potential conflicts of interest with financial institutions where the city may invest public funds.
By resolutionn Jan. 2, the city council approved First Interstate Bank, First State Bank, Platte Valley Bank, ANB Bank, Wyoming Government Investment Fund, US Bank, and Wyoming State Treasurer WyoSTAR and WyoSTAR II.
Deposits must either be fully insured by the Federal Deposit Insurance Corporation or secured with a pledge of collateral at least equal to the deposit amount, according to a city staff memo.
The banking institutions applied to become a designated depository for the City of Casper. All are eligible to be designated as depositories.
The designation of a depository by city council does not necessarily imply the city will form a business relationship with each bank. It does, however, allow the city to enter financial transactions with each approved institution should it so choose, the memo states.
In separate consent agenda action, the city council acknowledged receiving financial disclosure from from city officials stating possible conflicts of interest with public fund investment firms. This involves all city council members and city staff, including City Manager Carter Napier, Financial Services Director Jill Johnson and Accounting Supervisor Nicholas Gassman.
By state law, certain city officials must disclose if they have any financial interests in any financial institution that is also involved with any investment made by the city.
A financial interest in any institution dealing with the city’s funds can include an investment, a checking account, a savings account and ownership of land or building which the financial institution uses to conduct business, according to a city staff memo. The financial interest disclosures must be made annually in a public meeting and must be made a part of the official record.
See the staff memo and resolution providing for the Naming of Legal Depositories and Investment Firms for 2024 below:
Financial interest disclosures for 2024 signed by city officials are below:
