All moneys received by any department or agency of the city for or in connection with the business of the city government shall be paid promptly into the treasury and shall be deposited with responsible banking institutions in accordance with procedures established by the city commission. These institutions shall be designated by the chief executive officer, with the approval of the commission, in accordance with such regulations and subject to such requirements as to security for deposits and interests thereon as may be established by ordinance or by state law. All interest or moneys belonging to the city shall accrue to the benefit of the city government.