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<br />I <br /> <br />I <br /> <br />I <br /> <br />Council Meeting Minutes <br />October 12, 1993 <br /> <br />Page 7 <br /> <br />Council Business. continued <br /> <br />The reasons for the contribution increase are as follows: the State is using <br />a new method to calculate that contribution; most importantly, the City is <br />seeing no increase in the State Fire Aid; and the interest income that the <br />State uses in its calculation is a 5 % per year income amount. <br /> <br />In reality, the City experienced and continues to expect the invested funds <br />to earn in excess of 5%. However, with a conservative approach towards <br />retirement systems, at this point, the State only allows a 5% calculation. <br /> <br />Staff recommends the payment of the additional City increment, and <br />establishment of an annual work session with the retirement association. <br /> <br />Burt Emerson, President of the Relief Association, was in attendance and <br />did not add further comment. <br /> <br />Motion by Williams, seconded by Larson, to AUTHORIZE THE $10,000 <br />ANNUAL CITY CONTRIBUTION TO THE NEW BRIGHTON FIRE RELIEF <br />ASSOCIATION FOR THE YEARS 1992-1994; AND ESTABLISHMENT OF <br />AN ANNUAL WORK SESSION WITH COUNCIL, STAFF AND THE <br />RETIREMENT ASSOCIATION. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Announcement and Uodates <br /> <br />Council Business <br /> <br />Fire Relief <br />Association <br />Report 93-291 <br /> <br />Announcement and <br />UDdates <br /> <br />The League of Women Voters will sponsor a Candidates Forum on October Candidates Forum <br />18 at 7:30 p.m. The Forum will be cablecast and rebroadcast several times <br />before the "eetlon. <br /> <br />Adjournment <br /> <br />Motion by Benke, seconded by Larson, to ADJOURN THE MEETING. <br /> <br />5 Ayes - 0 Nayes, Motion Carried. <br /> <br />Meeting was adjourned at 8:40 p.m. <br /> <br />~A/~ <br /> <br />Robert J. Ben , ayor <br /> <br />A <br /> <br /> <br />Adiournment <br />