02-26-90 Personnel & Finance - Laserfiche WebLink

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w Personnel and Finance Committee February 26, 1990 Page 2 Mr. Leisenring noted that interest paid in 1988 was 5. 37% and interest paid in 1989 was 7.43%. He also noted that the City averaged 9. 3% interest in 1989 for invested funds with that interest then being placed in the General Fund. It was also noted that the cost for services provided by Springstead will total $5, 000 and the costs involved for bond counsel will be between $5, 000 to $10, 000. Council Member Luecke questioned the status of the certification of assessed values. Katie Humphreys noted that she had talked with the County Assessor. She noted that Form 11 will be sent on April 1st with the tax bills to go out sometime in April. She noted that state law requires that the tax bills must go out two weeks before May 10th. Following further discussion, Council Member Voorde made a motion seconded by Council Member Luecke that Bill No. 10-90 be recommended favorably to Council. The motion passed. Council Member Voorde questioned who handles or manages the City investments. It was noted that the Controller's Office has that legal responsibility with Steve White in charge of such investments. It was also noted that investments are limited to secured investments such as certificates of deposits. It was noted that currently the City is receiving between 8 . 1% and 8.2% on its investments. Council Member Puzzello noted that the next item to be discussed by the Committee was Bill No. 11-90 which would transfer monies within the Cumulative Capital Development Fund for 1990. Katie Humphreys noted that the Bill requests a transfer of $125,950. 00• from the "Other Contractuals Line Item" ( .4399) in the Cumulative Capital Development Fund and that such funds be transferred to a Motor Equipment Account in the same amount. The purpose would be for the purchase of 10 police vehicles. Bids have been received by a local vendor which show a net unit price of $12, 595. 00. She further noted that the motor equipment line item was eliminated from the Police Department budget. She further noted that the CCDF revenue would be reviewed and evaluated in anticipation of purchasing the cars. The deadline for placing the order with the local vendor who then must go through the state was Friday, February 23, 1990. A total of 20 cars are anticipated to be purchased by the City this calendar year. She noted that the local vendor was Gates and that the total cost of the 20 vehicles would be $251,900. 00. The Substitute Bill would pay for one-half of the vehicles and that other funding options would be evaluated between now and when the cars would be delivered. Anticipated delivery date would be June or early July.