07-14-2020 ERMU MIN - Laserfiche WebLink

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5.0 BUSINESS ACTION 5.1 Financial Report — May 2020 Ms. Karpinski presented the May 2020 financial report as outlined in her memo. Chair Dietz had a question on the classification of the $169,000 COVID-19 expense, in relation to it being posted as an administrative expense versus payroll. Staff provided explanation of the classification. Moved by Commissioner Nadeau and seconded by Commissioner Westgard to receive the May 2020 Financial Report. Motion carried 5-0. 5.2 Leadership Transition — Search Committee Update Chair Dietz provided an update on the status of the General Manager (GM) search and selection process. He reported that the active recruitment effort to find a GM has brought forward excellent candidates. The Committee received 20 quality resumes for the GM position, and many bring excellent qualifications and experience from within the municipal utility industry. The Committee has reviewed the resumes and determined who should move forward in the process to participate in the behavioral interviews conducted by Ms. Englund. Chair Dietz noted that Ms. Englund will be reaching out to candidates soon to schedule the interviews. To facilitate full Commission participation, a Special Commission meeting for the purpose of interview training and conducting interviews with the final candidates was set for Thursday, July 30 at 8:30 a.m. Chair Dietz talked through the proposed timeline for the meeting, and stated that it would be adjourned no later than 6:00 p.m. Moved by Commissioner Westgaard and seconded by Commissioner Stewart to hold a Special Commission Meeting on July 30, 2020 for the purpose of interview training and conducting interviews with final candidates for the General Manager position. Motion carried 5-0. 5.3 Financial Reserves & Investment Committee Update The Financial Reserves and Investment Committee (FR&IC) met just prior to the Commission meeting at 2:30 p.m. At the meeting, the FR&IC reviewed the financial reserves and investment policies, electric and water reserve balances, investment balances, and the audit recommendations for investment strategy. Committee Chair Westgaard provided a verbal update to the Commission. He shared that everything is sitting very healthy. There are presently larger balances in the money market accounts and savings as the interest rates are not much better for CD's. Per auditor Elk River Municipal Utilities Commission Meeting Minutes July 14, 2020 Page 5