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TO: Mayor & Council <br /> FROM: Don Brager, Finance Director - Treasurer i <br /> DATE: April 1, 1993 <br /> SUBJECT: Quarterly Report - First Quarter 1993 <br /> • The Auditors have completed their field work and Finance Staff <br /> are preparing the Annual Financial Report. A formal presentation <br /> of the results of the audit and the Annual Financial Report will <br /> be scheduled for late April or early May. <br /> • Applications for renewal of the City's insurance policies have <br /> been prepared and submitted to underwriters for a quotation. I <br /> will be meeting with the City's insurance agent to review <br /> quotations when they are received. Expect to make a presentation <br /> to Council the second meeting in April. <br /> • Staff will print a limited number of 1993 Budget Books "in house" <br /> to determine if we can produce a quality product. This appears <br /> to be feasible now that we have binding equipment. If successful <br /> we will realize a savings over having it commercially printed and <br /> bound. <br /> • The City's dental insurance renews May 1, 1993 . Rates increased <br /> 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 <br /> old issue. This could result in a substantial savings to the <br /> City in reduced interest costs. <br /> • Jerry Skelly,Jr. and I have been working on an <br /> audiovisual system for the Council Chambers that was <br /> included in the 1993 Budget. The budgeted amount was <br /> not enough for the complete system so we have submitted <br /> a grant to the North Suburban Cable Commission for the <br /> balance needed. The Commission will be considering <br /> grant applications in late May or early June. <br /> • I have been working with Lieutenant Dave Brick to <br /> develop Lotus 123 spread sheets to record and summarize <br /> police time records and statistics which they are <br /> presently keeping track of manually. <br /> Should you have any questions please do not hesitate to contact <br /> me. <br /> DB/hs <br /> ii+ <br />