Minutes 10/11/1988 - Laserfiche WebLink

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TUESDAY, OCTOBER I1, 1988 informed Council that, based on Mr. Minter's findings (which were not available at the time the City's 1988-89 budget was prepared), the City should realize $122,495.00 more in revenue during the current year from this source than was initially budgeted. City Manager Brown informed Council that, as a result of his recent discussions with representatives of the major local banking institutions, it is believed that the local banks can provide the same level of cash management services as were recently offered by Capitoline Investment Services, Inc. In addition, Mr. Brown recommended that further consideration of a "Request for Proposal" (RFP), to invite money management proposals from various institutions, be abandoned and that the city administration confer further with the local bank officials toward evaluating their services and report thereon to Council when the evaluations are completed. In the ensuing discussion, Councilman Cole pointed out that there will be a need to designate the City official who will be responsible for the City's interest should the City enter into a cash money management agreement with one or more local banks, whereas Councilman McClain, in endorsing the Manager's proposal, emphasized the need for the City to maximize its investment return with minimal risks by means of the safest investments possible. Council then unanimously accepted the City Manager's aforesaid recommendation. Council acknowledged receipt of a notice from the Virginia Department of Transportation (Mr. M. S. H011is, State Urban Engineer) of a noise abatement policy recently adopted by the Commonwealth Transportation Board whereby, for non-federal-aid street-highway construction projects there will be, effective January 1, 1989, two requirements as a prerequisite to the consideration of noise abatement measures viz.,