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M/S/P DeLapp/Dunn — to adopt Resolution No. 2003-082, Approving Partial Payment <br />No. 1 in the amount of $79,603.35 to Hoffman and McNamara for Carriage Station Park <br />and Ridge Park Grading and Trail Improvements, verified by the City Engineer in his <br />memo dated October 1, 2003. (Motion passed 3-0). <br />r-13 <br />In his memo dated October 1, 2003, the City Engineer reported T.A. Schifsky and Sons <br />has completed the work on schedule. The first lift of paving is expected to be complete <br />this fall. Prew recommends approval of Partial Payment No. 1 to T.A. Schifsky in the <br />amount of $128,349.55. <br />M/S/P DeLapp/Dunn — to adopt Resolution No. 2003-083, Approving Partial Payment <br />No. 1 to T.A. Schifsky and Sons Inc. in the amount of $128,349.55 for completed work <br />on Hill Trail N. and 50th Street Reconstruction verified by the City Engineer in his memo <br />dated October 1, 2003. (Motion passed 3-0). <br />E. League of Minnesota Cities Membership Dues on Claims List <br />5. FINANCE <br />A. Proposed Fixed Assets Management Program <br />The Acting Finance Director provided a draft copy of the Fixed Asset Management <br />Program (FAMP). The purpose of the FAMP is to provide a standard system of control <br />for the procurement, management and disposal of all Fixed Assets with a minimum value <br />of $5,000.00. FAMP is intended to establish guidelines for City Staff to follow in the <br />administration of the program. This program is not intended to replace our current <br />Capital Improvement Plan, however, it was noted that the two programs have some <br />similarities which should be monitored to avoid accounting conflicts, i.e., replacement <br />schedule versus asset life. The City's audit firm has advised the city that the Fixed Asset <br />Management Program be implemented as part of the mandate to have GASB 34 <br />Accounting Standard in place by 2004. <br />M/S/P Dunn/DeLapp — to adopt Resolution No. 2003-079, A Resolution Approving <br />Adoption of the Fixed Asset Management Program. (Motion passed 3-0). <br />B. Purchasing Policy Amendments <br />As directed by the City Council, the Acting City Administrator modified the City's <br />Purchasing Policy consistent with the recommendations made previously. He also <br />incorporated both the depreciation schedule and the terminology (Asset Acquisition <br />Form) that has been recommended by the City's audit firm to insure GASB 34 <br />compliance. The Petty Cash Policy has been modified to both provide amounts <br />contemporary with 2003; and, to reduce the number of locations where Petty Cash is kept <br />by the City. <br />LAKE ELMO CITY COUNCIL MINUTES OCTOBER 7, 2003 <br />