I first want to say that I am not speculating any wrongdoing by the city. In fact I think the city is doing a good job of spreading out their depositories. Click on this PDF to see them: md (Source: Sioux Falls City Clerk’s office).
Where it gets interesting is when it comes to our current mayor and his past relationship with First Premier Bank. Mayor Huether’s Executive Order No. 11-31 (see attached PDF above) ADDS First Premier as a depository. It is also important to note, FP was added in 2004 under Mayor Munson as one of their ‘Checking Accounts’. I am not an accountant or lawyer. But I am curious what the ‘subtle’ differences there is between the two, if any.
Maybe this is a question of fairness. Maybe it is not. Not sure?
The city’s bank is First Premier, the mayor’s former employer. It became the only bank after Huether was elected. This conflict of interest should be no surprise for this corrupt administration.
Did you look at the above document? They use other banks also. My only concern is the move to make it a different entity, and yes, the apparent conflict of interest.