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1 <br />1 <br />COUNCIL MEETING <br />JANUARY 27, 1992 <br />Resolution No. 92 - 16 and Resolution No. 92 - 19 can be found at <br />the end of these minutes. <br />REGULAR AGENDA <br />OPEN MIRE <br />No one appeared under Open Mike. <br />CONSIDERATION OF RESOLUTION NO. 92 -18 AMENDING THE CURRENT <br />INVESTMENT POLICY TO INCLUDE A MANAGEMENT FEE CHARGE <br />Ms. Schloer explained that during consideration of the 1992 <br />General Fund Budget, staff recommended that an investment policy <br />be amended to include a management fee. This fee would be <br />calculated at a rate not to exceed 0.6 %. The purpose of the fee <br />is to provide new revenues to the General Fund on a yearly basis <br />as a reimbursement for investment management services performed <br />by the Lino Lakes Finance Department. <br />Council Member Elliott moved to amend the current investment <br />policy as outlined in Resolution No. 92 -18. Council Member Neal <br />seconded the motion. Motion carried unanimously. <br />Resolution No. 92 - 18 can be found at the end of these minutes. <br />CENTENNIAL FIRE DISTRICT, MILO BENNETT <br />Consideration of the 1993 Centennial Fire District Budget - Fire <br />Chief Bennett explained that the Centennial Fire District is <br />required to prepare the budget very early in the year. A draft <br />of the 1993 Budget was presented to the Steering Committee early <br />last week. The Steering Committee has recommended that the <br />budget be presented to each of the three (3) city councils for <br />their approval. The budget represents a 1.74% increase from 1992 <br />to 1993. <br />Chief Bennett highlighted the most significant portions of the <br />budget and noted that the total 1993 Centennial Fire District <br />budget is proposed to be $462,080.00. The City of Lino Lakes <br />will pay approximately 60% of this figure. <br />Chief Bennett also noted that approximately $18,000.00 remains <br />unexpended from the 1991 Centennial Fire District budget. A <br />meeting was held with the municipalities participating in the <br />Centennial Fire District and it was decided that the Centennial <br />Fire District would hold $6,000.00 of the unexpended amount and <br />the balance would be returned to the municipalities using the <br />same formula as was used to pay the District. <br />PAGE 2 <br />65 <br />