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MINUTES OF THE <br /> ORONO CITY COUNCIL MEETING <br /> Monday,July 27,2020 <br /> 6:00 o'clock p.m. <br /> Olson said it is a big chunk of the monthly expenses. <br /> Walsh stated that is why the point-of-sale program is being implemented. The City has done their part and <br /> they need to keep working on it. <br /> Olson said one of these years there will be a dry year and Met Council charges should drop $100,000 or <br /> so and the sewer fund will look very good. <br /> Johnson asked about the credit card fees. <br /> Rief, Walsh,and Johnson discussed how credit card payments came about and what bills get paid that <br /> way. <br /> Olson noted the City still pays the credit card fees at the golf course, which is 23/4%. A round of golf used <br /> to be $10 and then the City would back out the sales tax.Now the 7.65%sales tax is added to it, so the <br /> City collects $10.76. He said it's more of a retail organization. <br /> Printup commented that a question can sometimes change policy and then policies that were in place long <br /> before the present City Council get fixed. <br /> Olson displayed year-to-date information and stated no one can really compete with the Met service. <br /> Johnson asked where the City is at with the RFP on health insurance. <br /> Olson said he talked with Connor from Paychex who said the City is in great shape and it is too early to <br /> get quotes. He will follow up with Connor to make sure things are going through. Olson said he told him <br /> if the RFP doesn't go well,he will be dealing with a different Finance Director when he gets to the City. <br /> Johnson noted it will be interesting to see how COVID will impact health insurance. <br /> Walsh said he just got his literature and it was 31/2%. <br /> Olson stated the loss ratio for health insurance was the best he'd ever seen. It was about 77%for the <br /> second quarter because nobody was going to the hospital or clinic for routine stuff. <br /> Rief said it is a positive for the health insurance companies but a negative for the hospitals because they <br /> are not having revenue coming in. <br /> Olson displayed information and gave a recap of investments. The total investment portfolio at the <br /> moment is $13 million. Part of the reason there's $1.8 million in the 4M Fund is because the City was <br /> getting the tax settlement. He said there are not a lot of places to go to get more than what the money <br /> market is. <br /> Crosby asked if the City was still buying municipal bonds. <br /> Olson said there are some but not a lot because they are way down,too. He did not think he bought any <br /> new ones in the second quarter because he would have had to go out to 5-6 years and still get under 1%. <br /> Page 18 of 21 <br />