11-16-87 Finance Comm Minutes0
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Finance & Administration 4:00 PM. November 16, 1987
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The meeting was attended by Councilwoman Robinson, Councilman Ruiz
Clerk/Treasurer Halver and City Accountant Robertson.
1. Transfer for Parking Commission debt payment.
Halver and Robertson explained the transfer was necessary to get money
budgeted in the Tax Increment fund to the Parking Commission fund in order to
pay the Novefter semi-annual principal and interest payments and one May 1987
principal payment.
Councilman Ruiz asked if the council had approved using the Tax Increment
funds for land payments.
Councilman Saverud entered the meeting and explained the Tax Increment
Committee supported the transfer and payments. He said the committee is
looking into redefining the Parking Maintenance District Boundaries and come
up with an annual assessment for maintenance.
The money has been allocated for use of the Parking Commission; not
specifically for this purpose, and the council needs to approve the transfer
by resolution. The payments must be made this month.
The committee agreed to take the resolution to the council floor.
2. Quarterly Pledged Securities Approval
Halver explained Pledged Securities provide protection for our bank deposits
beyond the $100,000 insured limit. The Council, by law, is required to
review and approve the pledged securities quarterly.
The committee agreed to recommend approval of the securities.
3. Annual banking bids
Halver and Robertson reviewed the bids received for the Daily Repurchase
Agreement. We received quotes for variable and fixed rates of return.
Valley Bank appeared to offer the best variable rate and Norwest the best
fixed rate.
The committee will let the full council decide whether they want a fixed or
variable rate.
4. Approve Claims
The formal meeting concluded and the committee members present began
reviewing claims.
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• RESOLUTION NO.
A RESOLUTION TO APPROVE A `*TRANSFER AMONG APPROPRIATION'S WTTHTN A
GENERAL CLASSTFTCATTON OF ENPENDTTURES AS ADOPTED BY THE CITY OF
KALISPELL BUDGET FOP. 1988 FISCAL YEAR.
%v W I T N E S S E T H:
WHEREAS, in the budget adopted by the City of Kalispell for the
1988 fiscal year, certain detailed and itemized estimates of expenditures
within the general classification of Capital Outlay for the various
departments of the City have proven inaccurate in the operation of
the City for that portion of the 1988 fiscal year so far expired, and
NHEKEAS, the overall expenditures of the City in said classification
is not in excess of the total of such estimates of expenditures
adopted in the City's budget for the 1988 fiscal year thus far
expired, and, further, it does not appear that the total of the
budgeted appropriations in said classification will exceed such estimate
for the balance of the 1988 fiscal -year; and
WHEREAS, under the authority granted the Council by law to make
transfers or revisions ;within a general budgetary classification,
NOW THEREFORE, BE IT RESOLVED, that the following transfers within
the classification of expenditures in the City budget for the 1988
• fiscal year should be made:
$28,495.60 FROM: 2180 470239 932 Parking Commission Outlay
$28,495.60 TO: 2180 520020 820 Operating Transfer to Parking
Fund
PASSED AND APPROVED BY THE CITY COUNCIL AND THE MAYOR OF THE CTTY
OF KALISPELL THIS DAY OF , 1987.
ATTEST:
City Clerk -Treasurer
0
John "Ed" Kennedy Jr., Mayor
l7YJGF PLL;;F.: p— _r S
9/30/87
FOP T1I2
CITY CF T ALISPFLL
FI= NCCVC?il
HAT NC--
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D~SCRIIrITCI a a.a_T'l.:K_l Y,
D i-TS,i:
_—_ _____________________________
.
._.tL: .EPO
$27GG,000.00
$2,5nO,000.00
U.S. T SILL 12/P.1/87
VAri_AR.TS _ n�a
;QO,fG0.00
$1,000;00G.00
P.S. T KU, 3.G/31/28
CHECIUM,42030
75,6.2.92
$iC0,000.11
FDIC P.'S.
150 r-00.00
13. 7/8 T ur7E F 89
CCISIP; 912M—S7
30,COG.00
TA7 SER 63 G C 7/C1/35
CO_OPYSO PIV R 5 , 0
50,00.'_`.00
G.O. DOIMS G`OPGTA SmaT-
_
6.50 iL'i-'UFL' Qi./Ol/-.n
T T ', DM S7' P1,-,'jG'T"S - r
C"c LCJ Ii,_
33-A'17.69
y$109,090.61
1^i' non.00
FDIC IFS.
TOTAL, CE]ECRIIdG
-
•-4310,000.00
POOL 124 ACC31.
.95
$100,000.00
FDIC IidS.
IJTP , irpuESi
$3,209,091.56
$3,93V,C OO.GO
•
FIFA;, FEDE.:,; :
Mill. DEV.FTJia'JS
01-03.015236
$4,893.00
01-01.615235
45,875.69
01—G1015234
506.41
01-03.002410
49,125.13
01-03.012895
35,479.11
7'C71'AL 1ST FED. $135,879.34
yr ]Er: IINEST,1E aIS:
S & C WPJLTTQ7r•TTS $12,000.00
UnLIC—TDSFEP.RRD
COl 1p. 511; 060.25
$100.000.00
82,086.56
-------------
$182,086.56
WCi•L 7i"r;MSITS S31368,031.15 $4,11.2,086.56
FDIC INS.
1 OFMC-1GE L077,11;; 0.1.-03 093259
�[ LL B' BF37-C SAFDMEPING
CI."Y F,1C_�,,
CITY EFLPLUVIEC IS
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CITY OF KALISPELL
TO:FINANCE COMMITTEE
SUBJEM BIDS ON CITY'S DAILY REPURCHASE AGREEMENT
AMY ROBERTSON
CITY ACCOUNTANT
DATE:NOV. 16,'1987
1st FEDERAL: VARIABLE RATE AT .375% BELOW FEDERAL FUNDS RATE
OR FIXED RATE OF 6.125%
VALLEY BANK: A BID OF 6.68% FIXED RATE ON FUNDS UP TO A MAXIMUM OF
$2,000,000 AND A VARIABLE RATE OF .465% UNDER THE DAILY
FEDERAL FUNDS RATE ON DOLLAR A14OUNTS OVER $2,000,000.
NORPTEST: VARIABLE RATE .90o BELOW DAILY FEDERAL FUNDS RATE
OR FIXED RATE OF 6.15%
1ST SECURITY: VARIABLE RATE AT 90 BASIS POINTS BELOW THE DAILY FUNDS
(FEDERAL FUNDS SOLD) RATE.
FIXED RATE AT 5.45%.
15T INTERSTATE: VARIABLE RATE AT 75 BASIS POINTS OFF THE DAILY FEDERAL
FUNDS RATE.
FIXED RATE AT 5%