HomeMy WebLinkAbout09/09/1985 Finance Committee Minutes
September 9, 1985
6:00 p.m.
Mayor's Conference Room
Members present: Dowie, Klinger, and Getty.
The request of the Fire Department for permission to take bids on a
fitness screening program for all Fire Department members at an
approximate cost of $2500 was reviewed. Division Chief Magsamen
explained that requests would be obtained from Allen Hospital and St.
Francis Hospital. It was moved by Klinger, seconded by Getty that
authorization to proceed as requested be approved. Motion carried.
Don Thorson, Superintendent of Streets, requested authorization to
install a diesel pump which is no longer in service. Since this is
an emergency repair, he requested quotes from Petroleum Equipment and
Service, Inc., and DeBerg Oil Company. Petroleum Equipment and
Service Inc. quoted a used pump for $1 ,000 plus installation. DeBerg
quoted a used pump of $400 plus including installation. It was moved
by Getty, seconded by Klinger that the Street Department be
authorized to expend $400 for this pump replacement with work to be
completed by DeBerg. Motion carried.
Larry P. Burger, Clerk/Auditor, reported that the Building and
Grounds Committee had reviewed the request to convert the old print
shop in the basement of City Hall into a public breakroom. Estimated
cost of the conversion including paint, the building of a sink and
cabinets and other miscellaneous changes is $300.00. It was moved by
Getty, seconded by Klinger that authorization be given to this
conversion and expenditure an amount not to exceed $300.00 for said
change. Motion carried.
Larry P. Burger, Clerk/Auditor, reviewed the audit of the financial
transactions of the City of Waterloo for F.Y. 1984 as prepared by the
State Auditor of Iowa. This audit resulted from a citizen's petition
which was filed with the state under the provisions of Chapter 11 .18
of the Code of Iowa. A copy of the audit is on file in the office of
the Clerk/Auditor for public inspection. He reviewed each of the
points addressed by the State Auditor. They are as follows:
1) Police and Fire Pension Funds Investments; 2) Parking
Violations; 3) Purchasing; 4) Lafayette Building Razing; 5) Payroll;
6) Library Disbursements; 7) Business transactions (conflict of
interest); 8) Nepotism. Councilperson Penaluna asked whether the
City had requested a copy of the cover letter which was filed with
the petition. City Attorney Dave Tyler indicated that he is
attempting to obtain it. Mr. Burger also indicated that the
Department of Health and Human Services (who is the City's cognizant
agency) has reviewed and approved the initial Carney, Alexander,
Marold Audit. The City has incurred an additional $3,174.90 for the
costs of this audit. Councilperson Lichty stated that she had heard
about a $2,000,000.00 loss that the Police and Fire Pension Funds
have sustained since the City contracted with Investment Advisors
Inc. , of Minneapolis for management services of these funds. Larry
Burger stated that we have not lost $2 million and asked that she
produce evidence for this claim. Mr. Burger also reported that the
County Attorney is studying the conflict of interest section of the
audit as is required by state law. No action was taken on the audit.
It was moved by Getty, seconded by Dowie that the Bills for payment
be recommended to the City Council for approval. Motion carried.
With no further business before the committee, the meeting was
adjourned.
Larry P. Burger
City Clerk/Auditor