City of Peru Finance & Safety Services Committee met Feb. 20.
Here is the minutes provided by the committee:
MEMBERS PRESENT: Aldermen Radtke, Sapienza, Payton and Buffo present; Mayor Harl present.
OTHER PERSONS PRESENT: City Clerk Dave Bartley, Treasurer Jackson Powell, Alderman Ferrari, Alderman Waldorf, Alderman Lukosus, Alderman Ballard, Finance Officer Justin Miller was in and out, ASM/Police Chief Doug Bernabei, PSM/Fire Chief Jeff King, Human Resource Manager Kim Reese, City Engineer Eric Carls and Mike Perry of Chamlin and Associates.
MATTERS DISCUSSED
Alderman Radtke made a motion to approve the minutes of the January 20, 2020 Finance & Safety Services meeting. Alderman Payton seconded the motion; motion carried.
The Committee reviewed and approved the disbursements for payment on February 5, 2020. PRESENTATION
OLD BUSINESS
Finance Report- 01//2020
Investment Strategy
Reinvestment-
• $150,000 at 1.90% in Wells Fargo Bank for 36 months
• $250,000 at 1.90% in Wells Fargo North America for 36 months
• $50,000 at 1.70% in BMW Bank of North America for 30 months
• $50,000 at 1.60% in Veritex Community Bank for 9 months
• $50,000 at 1.65% in Bank of Baroda for 12 months
• $50,000 at 1.60% in Haven Savings Bank for 7 months
1.6%-1.9% at the terms to fill the ladder
Long Term Financial Plan
Update-budget meetings and capital project listing Grant Items
Plank Road (Waiting for reallocation decision from the State) Cell Tower Lease
Discuss T-Mobile offer
• Ongoing for the last year
• Current rate of $2,150.00 per month
• Justin Miller negotiated $2600 per month with a 3% annual increase • New rate is above regional averages based on Justin’s research
NEW BUSINESS
Committee discussed and denied a $250 donation to High Speed Rail Alliance to be a municipal member.
Alderman Sapienza made a motion to approve $150.00 donation to the 2020 LaSalle Peru Founders Patrol Breakfast. Alderman Buffo seconded the motion. City Clerk Dave Bartley called the roll with Aldermen Radtke, Sapienza, Payton, Buffo and Mayor Harl voting aye; motion carried.
PUBLIC COMMENT
CLOSED SESSION
Alderman Payton made a motion to adjourn. Alderman Buffo seconded the motion. Meeting adjourned at 6:30 p.m.
https://www.peru.il.us/city-government/minutes/finance-and-safety-services-minutes/2020-fs-1/4751-finance-and-safety-services-minutes-02-05-20/file
Alerts Sign-up