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FINANCE TEAM REPORT 4-18-12 LMS

Finance Team Chairman Jim Bockelman reported to the Salmon City Council April 18th meeting, the results of research into various investment returns conducted by City Finance Director Amy Fealko.

He said she is planning on two Certificates of Deposit (CD) that can handle up to $235,000 each. One would be for a period of 18 months at a return of .55 percent interest and the other is a two year CD that would return .725 percent interest. Fealko is also researching a Market Linked CD based on the Standard and Poor 500. The term of investment on it would be six and a half years with a minimum interest return of three percent and a maximum return of seven percent. When all details are gathered Fealko will report on which investments were pursued.

Bockelman said the Finance Team discussed adjusting fees charged city residents and county residents for city sponsored recreation programs. He said the majority opinion was to offer city residents a discount where applicable. The team also discussed fees being charged by the Exercise Class for Seniors and suggested a sliding scale be implemented based on city or county resident status.

City Administrator George Ambrose presented the Finance Team with a list of Capital Improvement needs. He said it is estimated that reroofing City Hall will cost around $45,000. Roofing for the police station will be around $13,000 and approximately $12,000 will be needed for the roof at the swimming pool building. Another project on the list included repair and replacement of the portion of Fulton Street sidewalk that runs from the corner of First Street to Court House Drive and for a few feet beyond the Court House Drive corner. Based on the $30,000 cost estimate that project requires opening it to a bidding process.

Replacement of the Financial Software used by the cityís accounting system is needed and has been calculated at $20,000.

The Finance Teamís recommendation to the council was to set aside $120,000 from the Capital Improvement Fund for the needed upgrades and repairs.

Later that evening the City Council officially approved setting aside Capital funds for those expected expenditures.

The Finance Team also recommended paying the second half of the Fitness 7 yearly rate of $1,200 for use of facilities by the Exercise Class for Seniors. A written agreement between the city and Fitness 7 will be finalized prior to resumption of indoor exercise classes this Fall.

Other Finance Team recommendations to the council included approval of a Haying/Irrigation bid on Sacajawea Center grounds and giving Fealko the go-ahead to pursue refinancing a past water bond.

An advertised Public Hearing on fees for various city services scheduled for the April 18th City Council meeting was cancelled due to the council not having had an opportunity to review or officially approve the recommended fee changes. The hearing will be rescheduled.

The next meeting of the City Finance Team is set for May 8th at 11AM in the Salmon Valley Center meeting room.


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