11-26-84 Finance Comm Minutes4:25 P.M.
November 26, 1984
FINANCE COMMITTEE
The committee met in the Conference Room, present were Chairman Ruiz, Committee
• member Palmer, Councilmen Saverud, Nystul, Schindler and Manning, Mayor McDowell,
Finance Director Swanson and Roger Hopkins, DIL.
Delinquent Ambulance Accounts
C. Ruiz presented a list of delinquent ambulance accounts which included: Medicare -
accounts $4,308; Indian Service Claims $421.50, no estate deceased accounts $926, 4
plus others to be written off. The Ambulance Department is working on a new rate 1
increase and Fire Chief Doty's recommendation will be needed.
C. Palmer moved to recommend to Council that delinquent accounts be written off.
Seconded by C. Saverud, all voted aye. Motion carried. -
C. Ruiz stated that he has requested a list of active accounts that are. not being
paid on and not yet written off. Reasons for delinquent accounts were discussed
as well as the moral and legal responsibilities for providing services. Fire
Chief Doty has requested the Safety Committee to start working on a financial aid
plan to include Whitefish and Columbia Falls. Mention of the County assisting on
uncollectible accounts. It was felt that a certain radius to be answered to should
be established. - - -
Daily Investment Program
F. D. Swanson reproted that the end of November is the maturity date for fixed rate
on city investments. He has requested both one year fixed and one year variable
IS(basedon Daily Federal Fund Rate) rates: Responses are:
First Interstate Bank Fixed 8.5% DFR 90% of Federal
Valley Bank 9.05% 95%
Norwest Bank 9.48 93%
Swanson called Dane Bosworth, Spokane, on expected interest rate and though- difficult
to anticipate, it is felt that with the slowed economy, interest may;drop in the next
3 months, then level for the rest of the year. Probably drop to 8-98, DFR is now
9.03%. Last year's fixed account at Norwest was at 9.3%. Swanson stated that last
year's cap on repurchase agreement was one million six. We are asking for 2.2 million
this year. We received $148,800 in interest last year.
It was decided that we are better ahead on a fixed rate for 12 months.
C. Palmer moved that we enter a repurchase agreement with Norwest with a 2.2 million
cap for a one year period. Seconded by COuncilman Saverud. All voted aye. Motion
carried.
Meeting adjourned at 4:50 P. M.
MS