HomeMy WebLinkAboutMINUTES Administrative Committee 1988-06-10RECORD OF PROCEEDINGS
June 10,1988
Administrative Committee
Committee:Chairman Hix,Trustees Aldrich and
Dickinson
Attending:All
Also Attending:Mayor Dannels,Trustees Garrett and
Habecker,Town Administrator Kiaphake,
Finance Officer Vavra,Library Director
Hoxsey,Tucker Wood,Clerk O’Connor
Absent:None
Chairman Hix called the meeting of the Administrative Committee
to order at 2:00 P.M.
ARTHUR YOUNG COMPANY -1989 WAGE STUDY.
Finance Officer Vavra presented the Arthur Young 1989 Wage Study
Agreement which included interviews with Department Supervisors
(including the Library Director),comparison of salary levels
with comparable market data (including a comparison with other
“resort”communities),to develop the Town’s pay objectives for
1989.The agreement included a not-to-exceed amount of $4,600
which included the library ($400.00).Finance Officer Vavra
stated the agreement was similar to past Arthur Young wage study
agreements.The Town will not participate in the “Longmont
Study”this year.Town Administrator Kiaphake advised the Town
may eventually perform the study “in—house.”Trustee Garrett
questioned if the Town had pay objectives or philosophy in
writing.Officer Vavra advised the Town did not have such
objectives or philosophy in written form.Trustee Habecker
stated that in the previous study,insufficient background
material was supplied and requested an improved product with
greater detail be supplied for the 1989 study.The Committee
stated a “study session”will be scheduled preceding preparation
of the 1989 Budget to review how the evaluation
process/performance evaluation is used.Following discussion,
the Committee recommends:(1)approval of the Arthur Young
Agreement;and (2)Town Administrator Kiaphake negotiate with the
firm to determine the exact needs of the Town.Following a
meeting of the Library Board on Monday,June 13,1988,represen
tatives will advise if they desire to pay for,and be included
in,the 1989 wage study.
BOETTCHER &COMPANY -FINANCIAL ADVISOR AGREEMENT.
Finance Officer Vavra reported the Town entered into a Financial
Advisor Agreement with Boettcher &Company in 1983.The agree
ment was to be renewed every two years.The agreement lapsed and
Officer Vavra requested and presented a current agreement for
review by the Committee.The firm has been very cooperative and
involved in all of the Town’s bonding procedures.The previous
agreement is identical to the current agreement and does not
contain a specific dollar amount.Consideration is a fee
not—to—exceed of 1%of the par amount,plus expenses incidental
to the bonds,excluding meals,communications or travel within
the State.Town Attorney White has reviewed the agreement.The
Committee recommends approval of the two—year Boettcher &Company
Financial Advisor Agreement.
INVESTMENT POLICY -DISCUSSION.
Finance Officer Vavra prepared and submitted a memorandum regard
ing the Town’s current philosophy concerning investments.
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RECORD OF PROCEEDINGS
Administrative Committee -June 10,1988 -Page two
Officer Vavra expressed concern with the financial condition of
various institutions,and offered two investment options:
1.Invest a maximum of $100,000 in any one financial
institution.Interest earnings may be sacrificed for
the protection of funds.
2.Invest up to “x”percent of the Town’s total portfolio
in any one institution.More interest may be earned;
however,only the first $100,000 would be insured;the
balance would fall under the requirements of the Public
Deposit Protection Act (PDPA).
Discussion followed,with the Committee recommending Finance
Officer Vavra contact various municipalities to obtain their
investment policy guidelines,returning to the Committee for
further review.
REPORTS.
Finance Officer Vavra reported House Bill 1129 concerning the
termination of affiliation with the Public Employees’Retirement
Association (PERA)was approved by the Governor April 28,1988.
Pending additional information,the Committee took no action on
this matter.
There being no further business,Chairman Hix adjourned the
meeting at 3:00 P.M.
Vickie O’Connor,Town Clerk
JUN141988
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