We investigate the existence of action for both the electric and magnetic sectors of Galilean Electrodynamics using Helmholtz conditions. We prove the existence of unique action in magnetic limit with the addition of a scalar field in the system. The check also implies the non existence of action in the electric sector of Galilean electrodynamics. Dirac constraint analysis of the theory reveals that there are no local degrees of freedom in the system. Further, the theory enjoys a reduced but an infinite dimensional subalgebra of Galilean conformal symmetry algebra as global symmetries. The full Galilean conformal algebra however is realized as canonical symmetries on the phase space. The corresponding algebra of Hamilton functions acquire a state dependent central charge.