02/03/2000 (2) - Laserfiche WebLink

Home Browse Search

• Dauber referred to certain of the upcoming propositions which she felt directly affected the Town. She specifically referred to the library bond measure and explained the funding needs to build new libraries in the county. Johnson and Casey stated that they did not think it was appropriate for the Council to endorse propositions. Rather the individual voters should make their own decisions. Betsy Bertram, 11854 Page Mill Road, supported the propositions on both library and water issues. She suggested that the Mayor attend the upcoming League of Women Voters' Meetings on these propositions and report back to the Council. MOTION SECONDED AND CARRIED: Moved by Johnson, seconded by Finn and passed by the following roll call vote to state that the Council would not be taking a position on any of the State propositions. AYES: Mayor Pro Tem Finn and Councilmembers Casey and Johnson NOES: Mayor Dauber 7. REPORTS FROM COMMITTEES, SUB-COMMITTEES,AND COUNCILMEMBERS ON OUTSIDE AGENCIES 7.1 Library JPA • Dauber reported that at the last meeting of the JPA there had been some labor unrest and picketing. The issue was the number of hourly workers being used by the library. In addition she noted that they had reviewed the five year budget projections and the library was projecting that it would be operating at a deficit within two years. 7.2 Finance Committee Jim Steiner, member of the Finance Committee,reported that at their 1/31/00 meeting, a presentation had been given by Chandler Asset Management Company. Ms. Chandler believed her firm could obtain a yield in today's market of an estimated 6.51%. Their firm would require a minimum investment of five million dollars and their fee structure was fifteen basis points computed on total assets,plus certain other direct fees which would total about$1,500 a year. The Finance Committee believed the Town could keep 50%in LAIF and invest the rest with investment firms. On a five million dollar investment,the committee computed a net estimated additional return of$42,000. In addition the committee believed that five million was the most that the Town should invest in longer term assets which they believed were more susceptible to rate fluctuation and thus value fluctuation and capital loss if a sale was forced in an adverse money market. In response to an inquiry from Casey, Steiner stated that the $6-$10 million increase over the last several years was due to unspent funds. On the subject of Ginny Maes, Steiner reported that the committee had been informed that they required complicated bookkeeping and were not good for small towns. The City Manager noted that the Town had not been spending money on capital improvement projects in the past as it should have been and this • was going to be discussed at the next Council Meeting with the mid-year budget report. Finn February 3, 2000 Regular City Council Meeting 3