12/16/1998 Council Minutes - Laserfiche WebLink

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CITY COUNCIL WORK SESSION DECEMBER 16, 1998 revenue is an estimate and will change as bills are paid for year end and the books are closed. For instance, the 49er's union employees will receive their back pay before the end of the year. This item will appear on the agenda at the regular Council meeting on Monday, December 21, 1998, INVESTMENTS AND DEPOSITORIES UPDATE, DARYL SULANDER Daryl stated the current investment policy has been in place for six (6) or seven (7) years. An amendment is proposed relating to the Finance Director position. Because that position no longer exists, it is recommended that the policy be changed to state the "Finance Officer". It is important to have the investment policy updated since notifications are sent to different financial firms during the annual audit. Only a minor wording change is needed to correct the policy. This item will be added to the regular Council agenda for Monday, December 21, 1998. Daryl stated he would like to designate depositories for the City on Monday evening. He would like to add the Lino Lakes State Bank and the 4M Fund so that he can use their services. Staff will follow the policy regarding depositories as it relates to newly formed banks. A request for proposals will be sent to all banks in Lino Lakes for normal banking services. The City will use the Firstar Bank through June 30, 1998. It was the consensus of Council to go with the depositories as Daryl recommended and direct Daryl to follow up with bids from other banks for City services. This matter will be on the Council agenda for Monday, December 21, 1998. Brian noted that no incentives were given to the new banks to locate in Lino Lakes. 1998 STORMS UPDATE, DAVE PECCHIA Dave stated a "green sheet" regarding storm costs will be distributed on Friday. Daryl went over the numbers relating to the cost of the damages, Federal funding, State funding and local costs. Considering the reimbursement from other agencies, the City will be responsible for about $42,000 of the costs. The City will be asking for more help from the State surplus fund to help cover that cost. The damage expenditures were paid by the General Fund. Reimbursements will be recited directly into the Cash Balances of the General Fund. COUNTY WIDE POLICE RECORDS SYSTEM, DAVE PECCHIA Dave stated that he and Andy attended a meeting regarding a proposal to pool resources of Anoka County law enforcement agencies to provide a county -wide records system. The Anoka County Attorney's office has completed the necessary paperwork to 2 • •