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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 - 1 - 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