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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 />_____________________________________________________________________________________ <br /> <br />Page 19 of 21 <br /> <br />Normally ½ to ¾ of the portfolio would be municipal bonds. He displayed the three new investments in <br />the second quarter, and Council Members discussed the low percentage rate. <br /> <br />Crosby asked if they were running on a transactional basis or on a fee basis platform. <br /> <br />Olson said he did not remember but the City is not charged a fee directly. <br /> <br />Crosby said if they did charge a fee, Olson would see it because it would be on the statements, so it must <br />be transactional. <br /> <br />Olson said there is $116,000 interest year-to-date so it’s a little less than last year. That's a factor of the <br />interest rates which have been sliding since the beginning of the year. The City has one 2.2% CD right <br />now but it matures in August, and after that the highest one is about 1%. It will be a tough year for <br />interest, but it's also not a huge money-maker. <br /> <br />Walsh indicated the revenue from the permits is what he is tracking because that's an over-and-above <br />number. As far as real estate taxes, the City budgets for 99% or 100% and it could go to 101 to 102% <br />with all the fees and overpayments coming in. He would like to make sure that the City is at least getting <br />to 100%. Living in Orono, most people are paying their taxes on time. <br />Olson said the City does very well. He stated his worst tax collection since his time at the City was <br />97½%, which would have been in 2009 or 2010. <br /> <br />Walsh said another good number to track is the budget money that is set aside just to see what percent the <br />City is at so the City knows how much flexibility there is. If the City raises the budget, they have to <br />balance that, too. Since the interest rates are so low, the City will have to put money into it, it's just how <br />much. <br /> <br />Olson stated those are numbers that will be looked at when going through the budgeting process. <br /> <br />MAYOR/COUNCIL REPORT <br /> <br />Seals said she was excited to see fireworks on the water. She is excited to see people outside in the parks. <br />As far as the LLRC, it is affordable to join. In reality, half the people will be happy and half won't, but <br />there is probably a solution somewhere. <br /> <br />Printup said he went to a wonderful event, Back The Blue. It has been fun supporting the police. <br /> <br />Crosby stated he joined Printup at the Back The Blue event in Bloomington, and there were a lot of <br />patriots supporting the police and letting them know that people care. There were a lot of active people, <br />and he spoke at the rally and was told he did a nice job. He spoke about having an Officer's back and <br />understanding that Police Officers, especially right now, are going through a tough time and people need <br />to remember that when there is a dangerous situation, Police and Fire members are the ones who are <br />there. They are heroes to him. Although there are some issues, Police Officers do an outstanding job and <br />need to be respected and supported and not defunded but make sure they are properly funded. It will not <br />be a fun experience to be calling 911 and not getting an answer. <br /> <br />Johnson stated he and Walsh had the Police Commission meeting which gave them a chance to get an <br />inside look at what the Officers are protecting them from and the responsibility that's included. One of the