Laserfiche WebLink
Hanson explained his perspective that this shows the UPMIC is helping to drive staff <br />performance upward. <br />Chair Dietz stated that historically the UPMIC was put into place and existed to offset <br />lower wages and that the Commission, having recently approved a slightly market leading <br />compensation plan, meant he would not vote for any more than a two percent maximum <br />payout on the UPMIC. <br />Commissioner Stewart stated her belief that a tiered system helped to challenge staff <br />performance while not reducing a staff benefit as the UPMIC had been increased to a <br />three percent maximum payout in steps over the previous two years <br />In response to a question from the Commission, Mr. Hanson explained that each percent <br />paid out in the UPMIC program is about $45,000. <br />There was discussion and consensus to cap the payout at two percent, and keep only the <br />standard goal column and its recommended updates to criteria <br />Moved by Chair Dietz and seconded by Commissioner Bell to set the 2025 UPMIC <br />scorecard criteria and goals. Motion carried 5-0. <br />Mr. Hanson presented the Purchased Vacation Time policy stating the Committees <br />recommendation that it be rescinded due to the recent increase in vacation accruement <br />and administrative challenges it presents. <br />Moved by Commissioner Bell and seconded by Commissioner Stewart to rescind the <br />Purchased Vacation Time policy. Motion carried 5-0. <br />5.08 Financial Reserves & Investment Committee Update — Verbal <br />Commissioner Westgaard provided an update from the Committee which had met just <br />prior to the commission meeting. He explained that electric restricted reserves had <br />dropped from Advanced Metering Infrastructure (AMI) meter purchases. Commissioner <br />Westgaard explained that the recommendation from the Committee was to maintain <br />current practices as ERMU continues the AMI project. <br />Commissioner Westgaard stated that electric unrestricted reserves were at $5,246,679; <br />water department has a cash balance of $10,879,501; waters unrestricted reserves had <br />gone from about $8.8 million in 2023 to $9.5 million in 2024. Ms. Karpinski added the <br />context that these budget items are coming down as budgeted expenses are being paid. <br />Commissioner Westgaard also highlighted that the investment balance from the end of <br />2023 to 2024 year to date had gone from $4.1 million to $11.4 million as a result of <br />recommendations the Commission had received in 2023 to adjust its investment strategy. <br />Elk River Municipal Utilities Commission Meeting Minutes <br />November 12, 2024 <br />Page 6 <br />