City of Colona Finance/Admin Committee met Dec. 16.
Here is the minutes provided by the committee:
Call to Order: 10:00a.m.
Roll Call: Aldermen Holman, Swemline were present. Alderman Hillman was absent
Staff Present: J. Legare, Treasurer; M. Winters, Office Manager. Mayor Lack was also at the meeting.
Public Comments: No Public Comments
Old Business: No old business
New Business:
1. Reinvestment of CD expiring January 21, 2020
Jen Legare had quotes from Blackhawk and (right now they are at 2.3% rate) other options but said that a more accurate rate would be better if we waited till closer to the expiration date. We have 7 days to renew on it. Jen suggested that we hold off until the January 20th Finance meeting to decide. And then take it to council on January 27th. She said that rates flux and will most likely be different.
2. Discuss use of Municipal Collection Agency (MCA) for outstanding fines and water bills.
Minnie Winters shared from a conference call that Mayor, Laura Lamantia had with Jeff Woods from MCA. Jeff shared that they exclusively work with municipalities in the collection area. They work to collect past due fines and bills. They charge a 35% up charge to the customer. They do not charge the municipality any fee to collect past due amounts. The municipality re-coups their share and MCA will receive only the charge from the customer.
MCA will also utilize our local debt recovery IDROP to assist as a last resort to collect unpaid debts. IDROP pulls past due debt from state tax refunds.
This will be beneficial to the police department when collecting past due fines and also to assist in collecting fines from folks who have left the area and live elsewhere.
This will be beneficial to the City to assist in collecting utility bills from folks who have continued outstanding debts.
Jeff Wright has taken a look at the ordinance that was presented to us. He said that it was pretty straight forward. Mayor asked that the ordinance and articles be put into order and be available at the next council meeting. Rich Holman agreed and said that if they are available we should vote on it at council. Larry agreed.
Adjournment: 10:35 am
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