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<br /> ~ - <br /> MINUTES <br /> . CITY OF ARDEN HILLS, MINNESOTA <br /> WORKSESSION CITY COUNCIL MEETING <br /> OCTOBER 21, 1993 <br /> 4:30 p.m. - CITY HALL <br /> CALL TO ORDER/ROLL CALL <br /> Pursuant to due call and notice thereof, Mayor Sather called to <br /> order the Worksession city council meeting at 4:38 p.m. Present: <br /> Mayor Sather, Councilmembers Paul Malone, Dale Hicks and Beverly <br /> Aplikowski. Also present were: City Administrator, Dorothy <br /> Person, city Accountant Terry Post, Community Planning <br /> Coordinator Brian Fritsinger and Public Works Superintendent Dan <br /> Winkel. <br /> AGENDA ADOPTION <br /> MOTION: Hicks moved, seconded by Aplikowski, to adopt the <br /> October 21, 1993 worksession agenda. Motion carried unanimously <br /> (4-0) . <br /> citv Emplovees' Benefit Update <br /> Ms Person informed the Council that the Public Works employees <br /> are requesting coverage for short term disability. If the <br /> Council is open to this request, Ms Person would like to offer <br /> this benefit to all employees. Councilmember Malone stated he <br /> . would suggest the City offer both short term and long term <br /> disability benefits. Employees would be requested to pay for the <br /> coverage, but it would be available. Further details will be <br /> pursued. <br /> Investment pOlicy Review: <br /> city Accountant Post informed the Council that currently funds <br /> invested in Money Market accounts (31.5% at 9-30-93) exceed the <br /> investment portfolio goal for this category (15%). These monies <br /> have been invested in this manner because of the prospect of <br /> needing these funds for the construction of a new city Hall. <br /> Since it now looks like the construction will not take place for <br /> a minimum of 2 years, Post is suggesting, as Treasurer, that he <br /> be allowed to move some of these funds currently in Money Market <br /> accounts to a mutual fund investment. The City has other monies <br /> invested in Mutual Funds (13% of total portfolio) . The current <br /> return on the City's mutual fund investments is approximately <br /> 8.3%. Councilmember Hicks is in favor of rethinking the amount <br /> of monies in CD's and Mutual Funds. Post suggested that this <br /> issue be brought before Council at their meeting and that a <br /> resolution be submitted for review of temporary changes to the <br /> Investment policy. <br /> Fund Identification of remodelinq costs <br /> e There have been various opinions from staff members Person and <br /> Post as to which is the appropriate fund use for costs related to <br /> the remodeling of City Hall. It was agreed that the improvements <br /> are an expense and that the use of the community services fund is <br />