Laserfiche WebLink
(~ity of Maplewood - The City of Maplewood pays interest on general escrows at 5%, but keeps <br /> the first $10.00 of interest as an administrative fee to cover accounting and processing of <br /> developer accounts. Maplewood does not maintain separate escrow accounts for new <br /> subdivisions, but rather establishes separate funds for each. This allows them to allocate <br /> interest earnings monthly, on an average cash balance basis. If the fund is in a deficit <br /> balance, it is charged interest in the same manner. <br /> <br />City of Shoreview - The City of Shoreview, as a policy, does not pay interest nor charge an <br /> administrative fee on escrows held by the City. <br /> <br />Based on the above responses, the policy by which the City of Ramsey operates is consistent with <br />other communities. <br /> <br />Committee Action: <br /> <br />Base on discussion. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />Finance Officer <br /> <br />Copies distributed to: <br />A1 and Alice Koenig <br /> <br />FC: 05/23/95 <br /> <br /> <br />