6.1. ERMUSR 03-08-2011 - Laserfiche WebLink

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~/ Elk River ^~ Municipal Utilities 13069 Orono Parkway • P.O. Box 430 Elk River, MN 55330-0430 UTILITIES COMMISSION MEETING Phone: 763.441.2020 Fax: 763.441.8099 TO: FROM: Elk River Municipal Utilities Commission Theresa Slominski -Finance Director/Office John Dietz Manager Daryl Thompson Allan Nadeau MEETING DATE: AGENDA ITEM NUMBER: March 8, 2011 6.1 SUBJECT: Staff U dates -Finance Director/Office Mana er DISCUSSION: • We had 692 credit card payment transactions in February. This is a new record high in transaction. volume, up 68 transactions from last month's previous highest volume. February's fee should be $1,557. I'll continue to update the commission on the transaction volume and costs with the absorbed fee in place. The auditors were here for fieldwork March 2na -March 4th and it went well. A verbal update can be provided at the meeting. Final audited financial statements are planned to be presented at the April commission meeting. The first few months of activity with the sweep account in place at our bank have been successful. Instead of earning a .15% return, we realized a 1.11% at a maximum utilization of our funds. Were we to try and manage the return on investments through transfers to our savings account, we would have recognized a 1.00% return and wouldn't have reached the same maximum utilization. Work continues to be done to ensure the CRC move is successful. They have asked for a lot of information and some has been completed and some we continue to work on. We have a change to incorporate in our database in how we store the phone numbers in order for them to be able to recognize our customers in the least amount of time. We have stored two numbers in the same field and CRC can only accept one. This will take some effort to make this change but we are working on it. The anticipated cutover date is March 31St with some staff training on March 24th