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Regular City Council Meeting <br /> Monday,May 09,2011 <br /> Page 32 <br /> changes in the DAB; but would not list organizations that may not exist from <br /> time to time (e.g. Chamber of Commerce). <br /> Paragraph 4, Page 2 <br /> Ms. Pust suggested that references to MN Statute 475.66 be stricken, since the <br /> statute had been repealed. <br /> Johnson moved, Willmus seconded, extending the meeting to 10:20 p.m. <br /> Roll Call <br /> Ayes: McGehee; Johnson; Willmus; and Roe. <br /> Nays: None. <br /> Page 2, Paragraph 5 <br /> Ms. Pust noted revisions to the DAB's fiscal year, and making recommen- <br /> dations with ninety (90) days of that fiscal year; and recommendations for <br /> cleaning up and striking references to the original agreement, no longer in <br /> effect once amended in 1994. <br /> Page 2, Paragraph 6 <br /> Ms. Pust suggested two (2) changes that may appear substantive, but form <br /> her perspective, were not; and based on how much the Foundation charged <br /> the City for administration of the fund. Ms. Pust noted that the City's <br /> agreement had always stated"up to 3%;" even thought the Foundation had <br /> never charged over 1.5%; and had no intention of increasing that fee; thus <br /> suggesting that redundant language be stricken. Ms. Pust suggested strik- <br /> ing "B" in its entirety as the Foundation paid the entire audit fee and did <br /> not charge the City for the audit, which worked to the City's advantage. <br /> Page 3, Paragraph 9 <br /> Ms. Pust noted the only change was a grammatical change. <br /> Ms. Pust noted that the board had met earlier today at 1:30 p.m. to make sure the <br /> Board's recommendations to the City Council were relevant. <br /> Mayor Roe questioned if the Foundation preferred that the changes be adopted <br /> now rather than when the Ordinance was amended. <br /> Ms. Pust advised that, from the Board's perspective, these were just administra- <br /> tive and technical changes; and it was preferred that the Board not need to be <br /> represented at an additional meeting. <br /> Discussion among Ms. Pust, Mr. Zibell, and Councilmembers included identify- <br /> ing interest earnings and capital gains on interest income; confirmation of the con- <br />