11-20-89 Finance Comm MinutesFINANCE/PERSONNEL, & POLICY/INSURANCE
8:15 AM NOVEMBER 20, 1989
The meeting was attended by Councilmen Atkinson (Chairman), Nystul and Saverud,
Hopkins, Mayor Kennedy, Amy Robertson and Ross Plambeck
1. Non Union Salary Adjustments
The Committee requested a clean salary matrix indicating where each non union
person was currently placed. Also information was requested regarding where
senior union personnel salaries were in relationship to non union management.
2. Investments
a.Investment proposals for the City's short term investments were presented
as follows:
fixed rate Variable rate
Norwest Bank 7.56% or Fed Funds less .60 basis points
First Security mixed rate
First Federal 7.56%
Valley Bank mixed rate
1st Security & BankWest-no proposals
6.93% fixed on $1 million with
the balance at .68 basis points
or Fed funds less .40 basis points
7.49% fixed on $1 million with
the balance at .39 basis points
The committee moved to recommend to the council to accept the Valley Bank
proposal for our short term investments.
b. The committee recommended to sell the 1989 Sidewalk and Curb warrants to
the Sewer Fund as an investment for the Revenue Bond Reserve account.
The rate choosen was 10.5% which is the current prime.
3. City Judge's salary - no recommendation at this time.
4. Tax Increment Fund budget for Public Works/street was referred to the Public
Works Committee.
5. Committee minutes- recommend to the council that committee minutes should
be of a summary nature as per the recormiendation of Clerk Don Halver.
By Amy Robertson, Acting Clerk/Treasurer
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TO: FII\AlCE COME= FROM: kry Rcbertson
City Accountant
RE: Bids on City's short term investments 11/17/89
range $1 million to $4 million
Fixed rate Variable rate
First Interstate Bank
?
Norwest Bank
7.56% or
Fed funds less .60 basis points
First Security Bank
mixed rate -
6.93% fixed rate on $1,000,000
with balance at .68 basis points
below fed fund rate
First Federal Bank
7.56% or
fed funds less .40%
Valley Bank
mixed rate -
7.49% fixed rate on $1,000,000
with balance at .39 basis points
below fed fund rate.
Bank West
no bid