Investments, mail focus of council work session

Cal Tatum, Herald Reporter
Posted 11/21/17

City looks at ways to better invest

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Investments, mail focus of council work session

Posted

EVANSTON — The Evanston City Council met Tuesday evening with only two items on their work session agenda — a possible new investment policy and a sidewalk mailbox request on Main Street.

City officials are considering a new investment policy to enhance returns while maintaining their conservative investment strategy. 

Current investments are used to help fund city operations. The investments must meet many guidelines laid out by both the state and federal regulations. The investments are being handled through the local Edward Jones office.

City attorney Dennis Boal said that at one time the city would make nearly $1 million per year from its investments, but those day are gone and now investments yield less than $50 thousand. 

“We are looking at new methods of investing to enhance our returns,” said Boal. “We will still be very conservative with the taxpayers’ money and the program we are considering meets our criteria and even provides more transparency.”

The city is looking at a program used by the city of Buffalo. It is a program Boal said emphasizes safety, maintains a certain amount of liquidity and maximizes interest income.

Mayor Kent Williams said the council will read through the proposal and try to have a resolution by next week.

The Masonic Building Association is asking permission to install a cluster box unit (CBU) in front of Serendipity on Main Street, that will be able to collect mail for the offices the organization leases. 

The CBU would be able to hold mail for six units, which are now renting post office boxes.

The CBU would be approximately 20 inches by 20 inches and stand approximately four feet high. It would be attached to the outside of Serendipity and the cost would be paid for by the tenants. 

Currently, tenants have to go to the post office because they do not have a way of getting their mail at their offices; but an association representative said tenants need to be able to receive mail closer to the building. To be able to get their mail, there would have to be improvements made to the building, which an association representative said is not cost effective. Savings from installing the CBU should be realized by the end of the second year.

Mayor Williams and other council members expressed concerns about the CBU encroaching on the sidewalk but there are other items currently encroaching on the sidewalk, as well. 

Prior to acting on the installation of the CBU, Williams asked that the Masonic Building Association submit a letter clarifying what it wants and what it is going to pay for.