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12186.1 >r� <br />�^ �V <br />TO: Clark Bernhardson, City Administrator 8 IJVV <br />FROTI: Tom Kuehn, Finance Director 6dRO�V <br />� <br />DATE: November 21, 1986 <br />SUBJECT: Request to Amend Basis of Crediting Interest Earned on <br />City Fun6s <br />For the past year I have been using a computerized financial <br />investment management system developed by LOGIS. This system has <br />mace it possible to more easily record the interest earnings each <br />month by fund and to track the City's investments. When the <br />system was initiated the monthly calculations for interest earned <br />and interest received was based on the ending monthly fund cash <br />balances, as stipulated in Resolution 41464. However I have <br />found that using, the ending cash balance each month means posting <br />the interest in the next following month's financial record. In <br />order to more easily record the interest in the month in which it <br />is earned I recommend that Resolution #1464 be amended effective <br />January 1, 1987 to base the monthly calculations for interest <br />earned and interest received on the beginning monthly fund cash <br />balances. I have attached a resolution for consideration. <br />TO: Mayor and City Council �� <br />FROM: Mark Bernhardson, City Administrator <br />Forwarding recommending approval. <br />DROPOSED MOTION - Moved <br />by __, <br />seconded <br />by __, to adopt <br />Resolution # amending the <br />basis <br />for computing <br />the allocation by <br />fungi of investment interest <br />earned <br />each month. <br />Ayes __, Nays — <br />