1991-08-13 - Laserfiche WebLink

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Council Meeting Minutes August 13, 1991 Page 3 I Council Business. continued In previous years, emphasis was on monthly versus lump sum payments because some felt the lump sum could drain the fund. Based on actuarial reports, the fund can support the lump sum payments and would avoid the processing of monthly checks. Burt Emerson, Relief Association President, said the large majority of funding comes from State aid. The last increase in pension levels was about four years ago. Rebelein received a call from the Minnesota Firefighter Relief Association soliciting donations which the caller represented would provide benefits to New Brighton Firefighters. Emerson said in no way does this organization benefit New Brighton firefighters. Childs will investigate this organization. Motion by Gunderman, seconded by larson, to WAIVE THE READING AND ADOPT THE RESOLUTION APPROVING CHANGES IN THE PENSION BENEFITS OF THE FIRE DEPARTMENT RELIEF ASSOCIATION. 5 Ayes ~ 0 Nayes, Motion Carried. I Margaret Egan, Finance Director, presented for consideration proposed changes in banking services. Firstar New Brighton has been the City's official depository for decades. It handles the City's deposits of utility payments, State aid releases, property tax settlements, and payroll accounts. The arrangement has been advantageous because the City does not pay direct charges, however, an off-set is that the City earns no interest on its daily balance. In recent years, bank arrangements have been altered by the liquor operation closure, more aggressive investment activity, and the use of an interest earning savings account. In July, Firstar presented a proposal to initiate fees for its services which would total $800 per month. Staff and Firstar representatives met, but no alternatives were developed. Staff recommends investigation into options including designation to another institution, and the requirement of a six months to one year notice of any changes in banking services. Williams supports staff's recommendation to investigate options which could include designation of another institution. I Benke said the City's excellent investment activity has created the continual zero balance in the Firstar accounts. Motion by Gunderman, seconded by Williams, to DIRECT STAFF TO STUDY A CHANGE IN THE RELATIONSHIP BETWEEN THE CITY AND FIRSTAR AND CONSIDER OPTIONS INCLUDING DESIGNATION OF ANOTHER INSTITUTION. 5 Ayes - 0 Nayes, Motion Carried. Council Business Fire Dept. Relief Ascn Pension Benefits Report 91-169 Resolution 91-079 Changes in Bank Services Report 91-170