2008 10-21 CC MINUTES - Laserfiche WebLink

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J) Presentation: Gera. Lake Quarterly Financial Report — 3rd Quarter (Jessie Hart): City Treasurer Jessie presented the 3rd Quarter 2008. Financial report. The. General Fund revenue is slightly above anticipated levels and expenditures are well below budgeted levels. Treasurer Hart is anticipating that the City's expenditures will finish the year below or near budgeted levels while revenues will be above budgeted revenues. K) New City Policy on Investments (Jessie Hart): Jessie stated that having a formal written investment policy is. important for the City of Gem. Lake to have in placeas it requires brokers and bankers to ensure what they are proposing coinplies with state statutes as well as the City's investinentpoliicies. In addition, by setting up an Investment Trust Fund for pooled investments, a higher rate of return willbe possible on investments. Upon motion by Artig-Swomley, seconded. by Watson, the council approved the adoption of the Investment Policy and authorizes the Treasurer to implement the Investment Trust Fund for pooled investments by voice: vote. Ayes -- 4 Nays — 0 L) New City Policy — Identity Theft Prevention program: Red Flag. Rule (Jessie Hart): City Treasurer Jessie. Hart reported that as of November 1, 2008, an identity theft prevention program must be in place under the federal FACT Act. The ruleapplies to utilities as "creditors".. The City of Gem Lake wouldberequired to comply as it bills for utilities: The Red: Flag Rule requires Assignment of a Program Administrator, Appointment of a Privacy Committee, Development and Identity Theft Prevention Program, Approval of the Program by November 1, 2008, and Updates to the prograni.as needed. Council members received :a copy of a program that meets these requirements and it is requested that the Council move to adopt the program. Upon motion by Watson, seconded by Artig-Swoinley, the councilapproved the adoption of the City of Gem Lake Identity Theft Prevention Program and authorizes the Treasurer to implement and direct the Program as identified in the Program document. Ayes 4 Nays — 0 M) Review Lawful Gambling Report for 2007-8 (Jessie Hart): City Treasurer Jessie Hart reported thatthe city currently collects 2% of net profits from organizations licensed to operate lawful gamblingwith the. City. 11iis moneyis placed ina fund for disbursement for charitable contributions. Currently there is money that should be spent in this fund. Treasurer Hart is requesting the Council make a decision on how they wish ° to spend any balance for 2008. The council discussed donating money to White Bear .Lake . food shelf, Lake Area Transit, for an ACC, and for Willow Lake Elementary School. Mayor.Emeott stated that a presentation from Willow Lake Elementary School will be requested so that the council can determine what they might fund. Upon motion by Ar1ig-Swomley, seconded by Watson, the council approved the donation of$500 to the White Bear Lake Hood Shelf and $500 to the Lake Area Transit.: In addition, the council approved obtaining the costs associated with purchasing an AED for the City Hall and for training. Ayes — 4 Nays -- 0 PRESENTATIONS FROM THE FLOOR Mayor Emeott opened the floor to the public. There being no speakers, Mayor Enieott.closed the floor to the public. FUTURE CITY COUNCIL MEETINGS: Next City Council Workshop --Workshop scheduled for Wednesday, Nov 5,.2008. Agenda. item -- Budget Discussion.2009 Next City Council Meeting -- Tuesday, November 18, 2008 at 7:00 p.m. in the Gem Lake City Hall.