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City of Mavlewood - The City of Maplewood pays interest on general escrows at 5%, but keeps <br /> Cthe first $I0.00 of interest as an administrative fee to cover accounting and processing of <br /> ideveloper 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 Shq>r~vi~w - The City of Shoreview, as a policy, does not pay interest nor charge an <br /> 5adrninist/ative fee on escrows held by the City. <br /> <br />Based r>n 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 />