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Page 2 <br /> Regular meeting of the Elk River Municipal Utilities Commission <br /> June 12,2012 <br /> 2.8 Capacity Credit Agreement Notice of Termination Extension <br /> 2.9 Pay Equity Compliance <br /> 2.10 Policy for Returned Un-Paid Items Revision <br /> Al Nadeau seconded the motion. Motion carried 3-0. <br /> 3.0 OPEN MIC <br /> No one appeared for open mic. <br /> 4.0 OLD BUSINESS <br /> 4.1 Conflicts of Interest Policy <br /> At the May 15, 2012 ERMU Commission meeting, the Minnesota Statute regarding public <br /> officers and conflict of interest was discussed. The ERMU Commission directed staff and legal <br /> counsel to develop a Conflicts of Interest Policy. <br /> A policy mirroring the City of Elk River's conflict of interest policy consistent with <br /> Minnesota Statute was developed. In addition, a Resolution Authorizing Contract with an <br /> ERMU Board Member or Employee and an Affidavit of Official Interest in Claim templates has <br /> been developed. <br /> Daryl Thompson moved to approve the Conflicts of Interest Policy and supporting <br /> documents. Al Nadeau seconded the motion. Motion carried 3-0. <br /> 5.0 NEW BUSINESS <br /> 5.1 Year-End Reserves Balances <br /> Per ERMU Reserves Policy, annually after the audit the year-end reserve balances shall be <br /> reviewed and the ERMU Commission shall consider any balances above or below target levels. <br /> Theresa Slominski reviewed the cash balances of the electric and water departments. Discussion <br /> followed regarding the unrestricted funds. John Dietz said he would like to designate some of <br /> the unrestricted funds for territory acquisition. Troy Adams said $1 million of the unrestricted <br /> balance was to cover the PCA's in 2012 and 2013. <br /> Daryl Thompson moved to approve that the balance in the unrestricted working capital <br /> reserves would be designated as working capital for the electric, one million has been <br /> designated to use for the PCA's and the balance would be to remain as working capital <br /> designated for future use for territory acquisition or capital projects. The water <br /> unrestricted balance to be designated as working capital with the intended future use of <br /> capital projects. Al Nadeau seconded the motion. Motion carried 3-0. <br />