Laserfiche WebLink
IJ;~_E: Re_oa_~rent of Loan Fro~ A/hrinistrative Trust Fund to <br /> <br />When the City purchased the software for the co~puter syste~, this <br />had to be paid for immediately. Consequently, the Ad~inistrative <br />Trust Fund made a loan to the General Fund to cover the cost of said <br />purchase. ~he agreement was that the General Fund would repay the <br />Ad~inistrative Trust Fund over a five year period with interest at <br />the average rate of what the City earr~d on its money for each year. <br /> <br />However, due to the budget surplus that was incurred in the General <br />Fund in 1984, it is felt that the Administrative Trust Fund should be <br />paid off. ~e following is the total ~ount owed: <br /> <br />$54,702.00 Principal borrowed <br /> 5,470.20 Interest earned <br /> <br />$60,172.20 Total ~ount owed <br /> <br />Please refer to enclosure (D3-c) for the lxoposed resolution. <br /> <br />Omun¢il Action: <br /> <br />Your action will be to approve by resolution repayment in full to the <br />Administrative Trust Fund. Unanimous consensus of the Council is <br />required to dispense with the reading of the proposed resolution. <br />The following proposed motion is hereby submitted for your <br />.,,ration: 9~an <br /> Motion by d seconded by__ v- to approve/ <br /> disapprove of adopting Resolution ~85- authorizing the <br /> total repayment of the Administrative Trust Fund loan to the <br /> General Fund. Please refer to resolution file for Resolution <br /> #85- . <br /> <br />Further discussion: <br /> <br />Motion carried/failed. <br /> <br />Vot. ing yes: ~.~ Voting no: ~#f~ <br /> <br />It~ F: A__Dpoint~ent of Audit Firm to Perform 1985 City Audit: <br /> <br />Enclosure (D3-d) contains a letter dated August 29, 1985 from <br />Deloitte, Haskins and Sells stating the estimated maximum fee of <br />$9,750 to perform an audit of the City records for 1985. The Council <br />Personnel Committee reviewed this letter at their meeting of <br />September 17, 1985 and by motion recc~ that Council engage the <br />audit firm of I~&S to conduct the 1985 audit. <br /> <br />Your action will be to approve/disapprove of engaging the firm of <br />RR&S to perform the City's audit for 1985. The following proposed <br />motion is hereby subritted for your consideration: <br /> <br /> <br />