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REQUEST FOR COUNCIL CONSIDERATION Agenda Section: 11. <br /> STAFF REPORT Report Number: 9 3-576WS <br /> OUNDS <br /> Illf <br /> ° AGENDA SESSION DATE AUGUST 2, 1993 Report Date: 7/28/93 <br /> DISPOSITION <br /> Item Description: SECOND QUARTER QUARTERLY PEPORT <br /> Administrator's Review/Recommendation: ,V- <br /> 1 <br /> - No comments to supplement this report v <br /> - Comments attached. <br /> Explanation/Summary (attach supplement sheets s nece ry.) <br /> SUMMARY; <br /> • The Auditors have completed their field work and Finance Staff <br /> prepared the City's Comprehensive Annual Financial Report. A <br /> formal presentation of the auditor's Management Report, the legal <br /> compliance audit, and the Comprehensive Annual Financial Report was <br /> presented May 24, 1993 . <br /> • Applications for renewal of the City's insurance policies were <br /> prepared and submitted to underwriters for quotations. I met with <br /> the City's insurance agent to review quotations and to develop a <br /> recommendation for renewal. A presentation was made at the April <br /> 24, 1993 Council meeting. <br /> • Staff had the Adopted 1993 Budget Books photocopied instead of <br /> typeset. This resulted in a savings of approximately $400. <br /> • The City's dental insurance plan renewed May 1, 1993 . Rates <br /> increased by 7%. <br /> • I have been working with Springsted on the possibility of advance <br /> refunding several of the City's outstanding bond issues. A <br /> refunding bond could be issued at a lower interest rate than the <br /> outstanding bonds. The new issue would be used to pay off the old <br /> issue. This could result in a substantial savings to the City in <br /> reduced interest costs. <br /> • Jerry Skelly,Jr. and I have been working on an audiovisual system <br /> for the Council Chambers that was included in the 1993 Budget. The <br /> budgeted amount was not enough for the complete system so we have <br /> submitted a grant to the North Suburban Cable Commission for the <br /> balance needed. The Commission will be considering grant <br /> applications in during the month of August. <br /> • Dorothy Peterson & Kitty Hickok converted utility billing files to <br /> a new utility billing system from Computoservice, Inc. <br /> RECOMMENDATION; e <br /> Don Brager, Financ irector-Treasurer <br />