01-15-88 Finance Comm MinutesFinance & Administration 4:00 pm. January 15, 1988
The meeting was attended by Councilwoman Robinson, Councilmen Gunnerson and Nystul,
• Mayor Kennedy, City Clerk/Treasurer Halver and City Accountant Robertson. j
1. Administrative Policies - SID and S&C Warrants
City Accountant Amy Robertson requested the committee consider the adoption of
policies to charge Special Improvement District and Sidewalk and Curb projects with
the administrative costs incurred in establishing and funding these projects.
A. Interest costs from registering warrants until the bonds are sold should be
included in the cost of the project and passed on to the property holders served and
assessed by the district.
B. An administrative charge should be assessed against each project to cover the
city's costs for the staff work involved in preparation, inspection, and
administration of the projects. Amy suggested a 5 cent per foot basis.
Councilman Nystul suggested 58 of the cost of the project and said it used to be done
that way.
C. Amy recommended the Revolving Fund be funded by an assessment against each
project instead of the present policy of using a general levy against all the
taxpayers to provide the funding. She suggested a 5% charge against each project.
Clerk/Treasurer Halver said each of these recommendations are acceptable and
recognized in the statutes regarding the SID and S & C projects.
Amy requested a Resolution be passed by the council designating these fees.
The committee decided to take Amy's recommendations under advisement for a week.
2. Approve Pledged Securities
The council is required by law to review and approve quarterly the securities pledged
by local banks to protect our bank balance portions which are not covered by
insurance.
The committee agreed to recommend approval of the Pledged Securities of December 31,
1987 and requested the Clerk/Treasurer put it on the Council Agenda for the January
18, 1988 meeting.
3. Revolving Fund Loans and Transfers
City Accountant Robertson presented the request for a Journal Voucher Transfer and
Loan from the SID Revolving Fund to Various SID and Sidewalk & Curb Debt Service
Funds.
Amy explained the taxing system which funds the repayment of Debt Service of these
funds can allow shortages of money to make the scheduled payments. The revolving fund
is established by law to loan money to these funds to cover the shortfall.
The committee agreed to recommend approval of the requested loan and transfer and
requested the Clerk/Treasurer schedule it on the Council Agenda for Monday January 18,
1988.
• 4. Approve Claims
Committee members Robinson and Nystul reviewed the claims presented for payment.
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