1999 SEP 07 REG MIN - Laserfiche WebLink

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(14) Agreement — Approved and adopted a resolution and a Redevelopment Cooperation Loan Agreement by and between the City of Colton and Redevelopment Agency for the City of Colton (Vanir Development, Inc.), RESOLUTION NO. R-85-99. CITY TREASURER'S REPORTS AND RECOMMENDATIONS: Reports for May and June 1999 On the question about any adverse impact, on the City's finances, caused by the increase in interest rates, City Treasurer Williams stated that the State pool actually had bumped up about 10 basis points. He quoted the weighted average yield for the month of May at 5.05 and in June at 5.06. He estimated that the August report would be at 5.15. He concluded that the yield was moving up and, in the next couple of months, he would take some money out of the pool and start moving into some individual investments again, so there would be an increase in yield in the City's portfolio. MOTION/VOTE: Motion/second by Mayor Gaytan/CM Bennett to approve and accept the Treasurer's Report carried upon unanimous vote. STAFF REPORTS: UTILITY DIRECTOR'S REPORTS AND RECOMMENDATIONS: Utility Director Clarke reported on the inventory of major equipment in use that was conducted by the consultant. The report addressed components in two sections: The Electric, Water and Wastewater and the other was Police Fire and City Hall. On the Utility side, 200 items were inventoried and all were reviewed, except for 100, and there were eight where manufacturing reports or disclosure statements could not be found. Of eight items submitted for technical review through the database, three were found to be non-compliant; however, they could be remedied. Most were hardware or software problems. He reviewed the list of "suspect" items with ongoing processes to determine compliance. He said all of the "suspect" items were non-critical items and would not affect the continuation of service. On City Hall side, there were more items inventoried and more items outstanding as far as completing the compliance review. There were over 500 items inventoried in the Police, Fire Library, Public Works, Community Development and City Hall facilities. The critical nature items, such as the general ledger, the billing system and other financial systems, have been deemed to be compliant. He stated that the Finance Director had submitted letters that were being included in the bond documents that disclosed the City's efforts in Y2K compliance and the current status. It included the conclusion that none of the critical items evolving around utility service or financial services were being impacted by Y2K. Director Clarke deemed that Police Department and Fire Department were compliant. They were given assurances from the vendors that all of their systems have been deemed to be compliant or testing will be completed by the end of next month. This includes all of the City's emergency systems, the radio systems and the dispatch systems. The Library is also fully compliant. Public Works has two processes still under review: The pavement maintenance program and Controllers City Council Mins Sept 7, 1999 7