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LOWER RUM RIVER WATERSHED MANAGEMENT ORGANIZATION DECEMBER 15, 1994 CALL TO ORDER Chairman Steve Jankowski called the meeting to order at 8:37 a.m. in the Committee Room of Anoka City Hall. ROLL CALL Voting members present were Steve Jankowski, Ramsey; Ben Ferguson, Coon Rapids; Todd Haas, Andover; and John Weaver, Anoka. Absent: None. Also present was Ray Schultz, Anoka Alternate. CONSIDERATION OF THE MINUTES Motion was made by Haas, seconded by Ferguson, to approve the November 17, 1994, regular meeting minutes correcting Page 1, Treasurer's Report, to indicate the interest bearing savings account was 5 51.58 and the total available savings account balance is j$86.60~. Vote: 3 ayes, 0 nays, 1 present (Weaver). Motion carried. TREASURER'S REPORT Knutson presented the Treasurer's Report for the period ending November 30, 1994. Account balances for the period were: Checking, $10.00; interest bearing savings account, $3,823.81, less permit account balance of ($5,338.18), for a total available savings account balance of ($1,514.37); and certificates of deposit totaling $32,000.00; for a current total balance of $35,833.81. Knutson explained that there is a negative savings balance due to investing in certificates. The substantial current total balance will be used to update the Plan in 1995. Since funds will not be expended for the Plan Update in 1994, Knutson explained he will probably recommend the 1994 and 1995 budgets be revised in January. He also suggested the permit budget be increased in case more applications are received. Weaver questioned the interest rate anticipated when the certificates are reinvested. Knutson reported that First Bank was at 2.7% but the First National Bank of Elk River has 4.2% on six month certificates. Weaver suggested rates for Treasuries be researched. Knutson explained that another option would be the 4M Fund which pays all fees for the account plus 5% on the balance of a money market account. This option is used by many municipalities and would not require any additional work for staff. Knutson advised that this option is available from the local First Bank and is already included in the LRRWMO Resolution.