HomeMy WebLinkAbout1988-09-13 Support Documentation Town Council Work Session~=~~1~
VAIL TOWN COUNCIL
WORK SESSION
TUESDAY, SEPTEMBER 13, 1988
2:00 p.m.
AGENDA
1. Eagle County Economic Development Corp. Report
2. Discussion of Business License Fees for Ski Equipment
Representatives
3. Report from Assigned Staff Task Forces on Abandoned
Vehicles, Garbage and Refuse, and Animal Control
4. Discussion of Proposed Investment Policy Amendments
5. Planning and Environmental Commission Report
6. Information Update
7. Other
8. Executive Session - Personnel and Legal Matters
VAIL TOWN COUNCIL
WORK SESSION
TUESDAY, SEPTEMBER 13, 1988
2:00 p.m.
EXPANDED AGENDA
2:00
K. T. Gayunis
2:15
Wayne Schuster
Larry Eskwith
Charlis Wick
1. .Eagle County Economic Development Corp. Report
Action Requested of Council: Receive the report from K. T.
Gayunis and make any comments you feel .are appropriate.
2. Discussion of Business License Fees for Ski Equipment
Representatives
Action Requested of Council: Listen to Mr. Schuster's
request and give staff direction on whether or not a
business license fee is appropriate for a ski equipment
representative. If changes or clarification in the
ordinance are necessary, direct the staff to prepare a
proposed ordinance amendment.
Background Rationale: Wayne Schuster is protesting the
Town requirement that he obtain a Town business license as
as a home occupations' ski equipment representative. Mr.
Schuster believes that since he works out of his home,
and no customers come to his home to do business, that he
should be exempted from paying a business license fee.
The ordinance is clear that home occupations such as Mr.
Schuster's or any others that may or may not have
customers come to the home location are required to have
a Town business license. Exemptions for this type of
business could prompt similar requests from all sorts of
home occupations in Vail who feel they .also should have an
exemption.
Staff Recommendation: Confirm the fact that a business
license is required in this case.
2:30
Charlie Wick
Larry Eskwith
3. Report from Assigned Staff Task Forces on Abandoned
Vehicles, Garbage and Refuse, and Animal Control
Action Requested of Council: Review, comment and provide
policy implementation direction to Town staff for
proposed solutions as outlined in the task forces'
reports.
Background Rationale: The Town Council directed staff
several months ago to identify the problems in the
three aforementioned items and to report back to the
Council on the best methods for addressing the problems.
The Town Manager assigned staff task forces to identify the
problems and solutions for Council policy consideration.
Staff Recommendation: To proceed with as many solutions
as the Council deems reasonable at this time. Council may
want public hearings on certain areas of the report before
giving final policy direction on some of the
recommendations.
2:50 4. Discussion of Proposed Investment Policy Amendments
Charlie Wick
Steve Thompson Action Requested of Council: Review and comment on
proposed policy changes.
Background Rationale: Investment policy is reviewed
annually for policy changes. The proposed changes clarify
and simplify the current policy without weakening policy
direction.
Staff Recommendation: Direct staff to prepare an ordinance
adopting the proposed investment policy amendments.
3:15 5. Planning and Environmental Commission Report
Peter Patten
3:20 6. Information Update
Ron Phillips
3:25 7. Other
3:30 8. Executive Session - Personnel and Legal Matters
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REPORT
FROM
TASK FORCES
ON
ABANDONED VEHICLES
AND
GARBAGE AND REFUSE
SUBMITTED TO THE TOWN MANAGER
FOR COUNCIL POLICY CONSIDERATION
July 12, 1988
ABANDONED VEHICLES
ISSUE: Public Property and Public Ri ht-of-Way - Impeding
Traffic: Public Works Purposes
Problem Detail:
A. Vans and taxis are parking on Bridge Street and are
persistent in their right to be there.
B. Impeding traffic definition in the Town's Ordinance is
not adequate.
C. Illegally parked vehicles significantly effect Public
Work's ability to cut ice pack and tow truck drivers
often times don't respond for hours or not at all.
D. Towing companies are not sensitive to the Town's towing
needs.
E. Don't feel support is present for warranted towings.
Solutions:
A. Review Ordinance to ensure Town can ticket and/or remove
vans and taxis from Bridge Street.
Police and CSO's are to be called if Public Works sees
an illegally parked van or taxi.
Van and taxi companies are to receive notification of
the ordinance and the enforcement policies.
B. Impeding traffic definition does not give enough
authority for Public Works or Police to quickly remove a
vehicle. A car can be slightly in the street or right-
of-way and appear not to impede traffic, but should be
.moved because of public works or public safety
purposes.
C. Public Works to have authority to either tow or to
temporarily move a vehicle. Police Officer or CSO would
always be present.
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6-21-88
D. Town should consider owning its own small tow truck.
Tow truck would then always be available. Private
companies are not responsive to town's towing needs as
volume is not sufficient to make it profitable. The
times when the Town needs a tow truck is usually when
the tow trucks are in high demand in the whole valley.
Police Officers and CSO's would be only town personnel
to authorize a tow.
E. Need a clear Council policy on towing. Town personnel
are hesitant to order warranted tows. Towing Ordinance
needs to be amended to remove the Hearing Officer's
discretion. Currently, many locals who are getting
towed know the hearing officer may compromise and the
punitive effect of the tow and fine is lost. This also
causes a loss of revenue to the Town, as the Town
absorbs the cost of the tow or the refunded amount.
This keeps perpetuating the problem. The Municipal
Judge should not be the hearing officer as this is an
administrative process and not a judicial process. The
hearing officer is a Town Manager appointee.
2
6-21-88
ABANDONED VEHICLES
ISSUE: Abandoned Vehicle Process on Private Property
Problem Detail:
o In order for a vehicle to be considered for abandonment,
the Town must have a complaint from the owner or manager
of the private property. Complaints in the problem
areas of Town don't occur as owners of private property
are either absentee or they rent their property and
either do not know or are not concerned what vehicles
are on their property. The majority of the problem is
in the West Vail area. Abandoned vehicles are also
being used for storage purposes. Many solutions are not
realistic as the courts have made it difficult to go on
private property for abandoned vehicles.
Solutions:
o Legal review of the Town's Ordinance to ensure the Town
has as much power as is legally possible to go after
abandoned vehicles on private property. Need to have a
very good definition of an abandoned vehicle. Any
vehicle that is parked must have a current registration
and appear to be operable, otherwise it can be
considered as abandoned. Amend the Junk Ordinance to
change the timeline to a period less than 30 days -
possibly two weeks - for considering a vehicle
inoperable and classifying it as junk. Also add an
enforcement section similar to section 8.16.170 to allow
for removal of these vehicles.
o Town should consider a new public service which makes it
as easy as possible for someone to call in and have
their abandoned vehicle towed. This would basically be
a free referral service between the vehicle's owner, the
Town and the vehicle storage yard.
3
6-21-88
ABANDONED VEHICLES
ISSUE: Besides Abandoned cars and trucks, there are many other
vehicles/equipment motorized and non-motorized, which
are parked or stored on private property.
Problem Detail:
o Many of these are unusable in their existing condition.
These items are rafts, boats, sail boards, campers,
sailboats, trailers, motor homes, dirt bikes,
motorcycles, horse trailers, 4-wheelers, ski doos, etc.
Many of these are used for storage purposes. Other
items people use in one season and store during the off-
season. There is no language in existing Town
ordinances which deal with this problem.
o Many of these are parked on private property where the
owners are absentee or they rent their property and they
either don't know or don't care what is parked/stored on
their property.
Solutions:
o The abandoned vehicle call-in service, if it is'
implemented, can be used for these problems as well.
o Town should encourage the private development of a
protected storage yard in the Eagle Valley.
o Town should consider, by ordinance, restrictions on what
can be parked on private property as is legally
possible.
o Town should consider, by ordinance, restrictions as to
where a person may park/store property.
o Town should encourage private property associations to
either implement and/or enforce covenants which restrict
storage of items on their property.
4
6-21-88
ABANDONED VEHICLES
ISSUE: Contractors Parking and Storing of Vehicles/Equipment
Problem Detail:
_ o Contractor's equipment/vehicles are stored and parked at
many locations around town including Town right-of-ways.
Many private property owners either rent their property
and/or are absentee owners and either don't know or
don't care that contractors are parking/storing
equipment on their property.
Sol uti cans:
o Town personnel need to better enforce the existing
ordinance allowing for the removal of vehicles from
public right-of-way.
o The Town, as much as legally possible, should, through
ordinance, restrict the storage and parking of
construction equipment on non-construction site private
property.
o Tie into the building permit process and have the
Building Division enforce.
5
6-21-88
THIS PAGE IS LEFT INTENTIONALLY BLANK
6-21-88
GARBAGE AND REFUSE
ISSUE: Lack of or Abuse of Dumpsters or Trash Cans
Problem Detail:
A. Many people store their refuse in trash bags, in
_ violation of the ordinance, and some of these are ripped
open by dogs.
B. Dumpsters are stored in Town right-of-way which is a TOV
ordinance violation.
C. Dumpsters are not dumped often enough or the dumpsters
need to have a larger capacity. Grease poured into
dumpsters leaks out of drainage holes of dumpster and
also leaks out of the garbage trucks. Dumpsters are not
periodically cleaned.
D. BFI wants people to use their new type of containers,
but people are not using them.
E. Many dumpsters are used by people other than those who
lease them.
F. Short term renters do not know where a dumpster is, or
when trash pick-up days are, so they leave trash bags
sitting outside when full or when they leave the unit.
G. Some owners who rent property won't pay to have trash
removal services so renters have to take their trash
elsewhere.
Solutions:
A. Strict enforcement of existing ordinance. Legal review
of ordinance for any necessary amendments.
B. Enforcement of existing ordinance concerning dumpster in
town right-of-way. Legal review of ordinance for any
necessary amendments.
7
6-21-88
Solutions: (Continued)
C. Amend ordinance to establish dumpster guidelines
regarding adequate size, periodic cleaning, colors,
lids, frequency of dumping, picking up trash around the
dumpsters, etc.
Amend Ordinance to state that if a dumpster is in need
of dumping, the Town can order it to be dumped and
billed to the normal billee.
Amend Ordinance to state that grease is to be stored in
adequate containers before the containers are placed in
the dumpster. Possibly require all restaurants to have
a used grease storage receptacle and contract for its
removal as there is no adequate means of packaging it
for dumpster disposal.
D. Require certain specifications for residential trash
containers (preferably one like BFI wants to get
established) and prohibit all other types of containers
and trash bags.
E. Prohibit by ordinance and encourage people to turn in
violators for Town contact.
F. Amend Ordinance - Short-term rental companies must keep
guests informed of where dumpsters are, how to legally
dispose of their trash and, if necessary, when trash
pick-up days are.
G. Amend Ordinance - Owners of rental properties must have
a required dumpster or trash container space for a
certain number of units. Currently required by
ordinance: All single family and multi-family
residences must be provided with trash receptacles.
General Solutions:
o Have a Problem Area of the Week (which would be
identfied by Town employees or residents. Pictures of
the problem would be taken and published in the paper
although no street addresses or numbers would be
given) .
o Public Service Announcements and other legally required
notifications should occur before the ordinance is
strictly enforced.
8
6-21-88
General Solutions: (Continued)
o Enforce ordinance which requires trash companies to
clean trash off the top of their trucks.
o Town Council might consider some sort of regulatory
license for a trash company to operate in Vail.
o Town should add a full-time person to enforce garbage
'and refuse laws and to administer the service plan. _
Position to be in the Community Development Department.
o Ordinance requirement: Everyone in Town must have trash
service.
o Prohibit single family residences from having trash
dumpsters.
9
6-21-88
GARBAGE AND REFUSE
ISSUE: Business refuse onto Town street or mall areas.
Problem Detail:
A. Businesses sweep their decks, sidewalks, etc. and many
times proceed to sweep the trash, etc. onto Town
property. __
B. Local newspapers stack their papers outside of
businesses and they blow away.
Solutions:
A. & B. Use the full time person to enforce this aspect of
the ordinance.
Work with individual businesses to solve their trash
problems without creating new ones for the Town.
B. Prohibit this practice by ordinance.
Town should design standard newspaper dispensers,
particularly for the commercial areas, which are
strategically located and will serve for all
newspapers.
10
6-21-88
Roll-a~ETaste ®carts Nave R~Iany l~dvantac~es
Over Traditional Refuse collection lethods~
Roll-adNa~te
Cart ~y~tem
Improved Corr.:n~,~nity Appearance
more attractive
neighborhoods
and no spilled trash
around the yard on
collection days.
The Containers Are Easier To Use
Full or empty, the carts are wheeled easily by
man, woman, or child. Better yet, no lifting or
easily through.
standard door and
gate entrances.
Collection Ser~'ice Ts T.Tp~raded
No more banging or clanking of metal trash
containers as the quiet-running mechanized
lifters smoothly dump the containers. Plastic
trash bag liners are no longer necessary and
the containers clean up easily with soap
and water.
These sturdy carts are easy to use, easy to
maintain, last for years, and improve both
community appearance and collection
service. If you wish to join the growing
number of people who now use the Roll-a-
Waste° system, contact your collector for
all the details.
The Iliodern Way
to ~Iandle Refuse
• Improved Community
Appearance
• Easy to Handle
• Upgraded Service
• Larger Capacity
• Long-Lasting
n - . ..~
f~2.~}. . w, _.
Trash collection
shouldn't be
a problem.
Br-i of co~or~tico !nsc. '; ~t should be
E. 0. F30X 38
W~E.~O~'~ CO 81655 ~ a Clean and
~7~ _ 3 7 3 7 Simple operation.
o~
F:
., ~ t.:;,,~~ r
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,
~
`.Garbage wars. get dirty as
Denver `~
threat~~ts to suburban rs
~y [frees Digby ~ ~ '
~
~
Denver Post Staff Writer ~residents xtra
e
be
,
:Upset that suburban freeloaders to have a dumpster o their bloc-. ;
and those who refuse to pay. I)e- ;
are dumping their trash in Denver
cans with increasing frequency Groot said she got a complaint ~;
,
Denver officials are now encourag- from a woman who, in the middle
ing residents to report offenders. of the night, caught someone from
• The dumpsters Denver places in the next block dumping dirt in her
'
some. neighborhoods to serve city s dumpster. ; ,, ;
block
The public works department
residents are also attracting subur-
banites, who don t get free trash said dumpster trespassers - in-
pick-up and don't want to pay fees eluding the midnight dumpers -
to have extra garbage collected. ~ can be prosecuted in environmen=
' , "
Drivers sporting Mercedes from tal court.- Violators face fines of up
Arapahoe County are frequently to $999 and jail terms of up to three, .
''
seen stopping at southeast Denver months.
t
Residents with detailed informa= ~"
dumpsters to unload bags of trash,
City Councilwoman Mary DeGroot tion on offenders, such as a de
said at a meeting Wednesday.
' scription of the people dumping
trash their license-plate numbers '
"It
s -amazing to see them pull
up with trash in the~trunk
" and the time and location of the it ; , y,
'
'
.
-
But tra.~.h wars have also broken -
legal dumping, should call the ~
•
city's solid waste inspector's ffice
; -
out withip Denver neighborhoods
..~ .
,., ; .,,; ,,, :, a~ -: ,,~
at 575-5115
~~
town o u
75 south frontage road
vail, Colorado 81657
(303) 476-7000
MEMORANDUM
TO: Ron Phillips
FROM: Animal Control Committee
DATE: August 11, 1988
RE: Animal Control
Due to input from Vail citizens and direction from the Town
Council, a number of changes in the Town's animal control
ordinance and policies are being proposed.
IMPOUND FEES
The purpose of an impound fee is to compensate the Town for its
expense in transporting dogs to the animal shelter and to provide
a minor fine when a "running at large" charge is inappropriate.
The Town's current impound fee is $5.00. It is proposed that the
fee be raised to $15.00.
BOARD FEES
Under its contract with
Town of Vail is charged
However, the Town charge
subsidizes the boarding
day. It is recommended
day.
the operator of the animal shelter, the
$9.50 per dog, per day for boarding.
as citizens only $5.00 per day and thus
of stray dogs to the tune of $4.50 per
that the board fee be raised to $12.00 per
_a
ANIMAL CONTROL MEMO
AUGUST 11, 1988
PAGE 2
FINES
Although fines for animal control offenses are set by the
municipal judge based upon the circumstances of each case,
"standard" fines for dog running at large charges will be:
First Offense $25.00
Second Offense $50.00
Third Offense $75.00
This does not represent a change from the current fine structure.
LEASH LAW
Dogs are required to be on a leash in the Vail Village or
Lionshead commercial areas or on the Town's recreation paths,
parks and open space. In all other areas of Town, it is permitted
for a dog to be "accompanied by, within the sight of, and under
the reasonable control of its owner, keeper or other responsible
person".
It is recommended that the leash law be expanded to include all of
the area outlined on the attached map in order to fully cover
Vail's commercial areas.
VACCINATION
The Town of Vail does not currently require that owners
demonstrate proof of vaccination before claiming a dog from the
animal shelter. It is recommended that such proof be required in
the future.
PROBLEM DOG PROGRAM
The Town of Vail will initiate a Problem Dog Program. The goal of
the program will be to identify and capture problem dogs in Vail.
The program will be complaint oriented and will thus rely upon the
citizens of Vail to be active participants in the solution of this
problem.
ANIMAL CONTROL MEMO
AUGUST 11, 1988
PACE 3
Pro ram Details
I. Announcement of Program
A. Newspaper ads
B. Mailer to all Vail residents
1. Leash law map and summary of animal control laws
2. Explanation of Problem Dog program
3. Problem dog complaint form
II. Complaint Process
A. Citizen fills out complaint form or calls Animal Control
Officer
1. Usual time, location and nature of animal problem
2. Name, address and phone numbers of resident
3. Description, owner (if known) and other information
about problem dog
B. Complaint is dated, logged and numbered
C. Animal Control Officer contacts citizen and sets up time
for specific patrol
D. Animal Control Officer, preferably with citizen
complaintant present, patrols area in search of targeted
dog
E. Animal Control Officer makes note of outcome of patrol
and reports results to citizen complaintant
PROBLEM DOG COMPLAINT FORM
COMPLAINTANT'S NAME
DATE
HOME PHONE WORK PHONE
MAILING ADDRESS
HOME ADDRESS
GENERAL DESCRIPTION OF DOG
USUAL TIME, LOCATION AND NATURE OF PROBLEM
HOME ADDRESS OF DOG'S OWNER (IF KNOWN)
COMPLAINTANT'S SIGNATURE
FOR USE BY TOWN OF VAIL ONLY
STATUS OR RESPONSE:
^ Investigated Complaint
^ Target Dog Picked Up
^ Written Response to Complaintant
CASE #
•i
Dear Vail Resident:
The status of your complaint regarding a problem dog is
as follows:
^ Target dog picked up
^ Complaint investigated but target dog not found
^ Other
Please contact the Animal Control Officer at 476-5611
and refer to Case # for more information.
TOWN OF VAIL MEMORANDUM
TO: Ron Phillips
Council Members
FROM: Steve Thompson ~
Charlie Wick
DATE: September 9, 1988
RE: Investment in Banco De Bogota
We do not invest in just any bank paying the highest rate of
interest, we do verify by inquiry that the bank meets certain
criteria. Including an asset to equity ratio of greater than 5%,
the FDIC requires at least a 5% to meet their standards. We also
require the bank be insured by the FDIC. The following is some
current financial and non-financial data on the Banco De Bogota
of New York as of March 31, 1988.
Asset to equity ratio 23.26%
Profits $250,000
Total assets $193,900,000
Net worth $45,100,000
The bank's major stockholder is Banco De Bogota of Columbia.
Banco De Bogota of New York is a commercial bank chartered by the
State of New York and is insured by the FDIC.
It is apparent that we may need to re-evaluate and develop
selection criteria for determining which out-of-state banks the
Town should do business with.
We have made some recommended changes to the present investment
policy and will be presenting them at the September 13, 1988 work
session.
TOWN OF VAIL MEMORANDUM
TO: Ron Phillips
Town Council Members
FROM: Steve Thompson ~'
DATE: September 9, 1988
RE: Investment Policy
Enclosed is the current investment policy and recommended changes.
The sentences that are crossed out are to be taken out of the
proposed policy and the bold-faced sentences which are indented
are to be included in the proposed policy.
These changes do the following:
1. Clarify certain processes.
2. Increases competition for Town investments.
3. Eliminates investment in commercial paper and mutual
funds.
4. Allows us to make changes in portfolio holdings, prompted
by changes in the market without amending the policy.
5. Institutes a process to qualify banks we deal with.
VAIL TOWN COUNCIL
COUNCIL POLICY STATEMENT 88-1
INVESTMENT POLICY
SECTION I. STATEMENT OF PURPOSE
The Investment Policy of the Vail Town Council for the Town of
Vail represents the financial boundaries within which its cash
management process will operate.
Areas covered by this policy include:
II. Scope of Financial Funds to be Invested
III. Investment Objectives
IV. Delegation of Authority for Investment Decisions
V. Investment Prudence
VI. Investment Instruments
VII. Competitive Selection of Investment Instruments
VIII. Interest Allocation Method
IX. Safekeeping and Custody
X. Portfolio Diversification
XI. Maturity Scheduling
XII. Qualified Institutions and Primary Dealers
XIII. Investment Committee
XIV. Reporting Requirements
XV. Monitoring and Adjusting Portfolio
XVI. Internal Controls
Cash management goals shall be developed within the constraints of
this policy statement. Goals shall include:
-~~-,ai i nave 199 a o€ Tewn €unds invested.
A. Percentage of cash invested. The Town shall be
earning interest on all available funds for
investment.
B. Percentage of Return (Yield). A targeted range of
yields should be stated as a goal. This target yield
goal shall be presented in the annual operating budget.
C. Total Dollar Return Goal. Combines the goals of
percentage of cash available and the percentage of yield
to obtain a total dollar return goal.
SECTION II. SCOPE
This investment policy applies to all financial funds of the Town
of Vail (hereby referred to as the "Town"). These funds are
accounted for in the Towns comprehensive Annual Financial Report
and currently include the:
General Fund
Capital Projects Fund
Construction Funds
Special Revenue Funds:
Real Estate Transfer Tax
Parking Fee Fund
Conservation Trust Fund
Enterprise Funds:
Internal Service - Fleet Maintenance Fund
Internal Service - Health Insurance
- 2 -
Debt Service Fund
Special Assessment Funds
Monies held by the Colorado State Treasurer and Eagle County
Treasurer during tax collection periods shall be governed by State
of Colorado and Eagle County investment policies and are not
subject to the provisions of this policy.
SECTION III. INVESTMENT OBJECTIVES
The format objectives of the Town is to ensure the safety of
principal. Each investment transaction shall first seek to ensure
capital losses are avoided, whether they are from default of
securities or erosion of market value. The Town, as its second
major objective, seeks to attain market rates of return on its
investments. Market rate objectives must be consistent with
constraints imposed by the primary objective of the safety of
principal, internal cash flow considerations and any Town of Vail
ordinance, restricting the placement. of public monies.
Speculative investments will not be allowed. Speculative
investments are those attempting to gain market premium
appreciation through short term market volatility resulting in
increased risk and loss exposure. The Town will not purchase
a security which cannot be held to maturity. This does not mean
an investment cannot be sold prior to maturity.
SECTION IV. DELEGATION OF AUTHORITY
Management responsibility for the investment program is held by
the Town Manager and appointed designees. No employee may engage
in an investment transaction except as provided under the terms of
- 3 -
this policy and any procedures which may be established by the
Town Manager. '~'~2 '~'A~eFn Manac~g~' shall ~~1~'OV~' ~ n~TCCtmAntc maAc
The Town Manager shall review
and approve the monthly investment report (see section XIV).
It shall be the duty of the Controller to manage the day-to-day
operations of the portfolio, and place actual purchase/sell orders
with institutions. In the absence of the Controller, the
Administrative Services Director shall assume these duties.
The authority for the investment philosophy and selection of
investment managers for the Town of Vail Employee Pension Plan and
the Town of Vail Police and Fire Employees Pension Plan shall be
the responsibility of the Pension Plan Trustee as defined in the
pension plan document.
SECTION V. PRUDENCE
Investments. shall be made with reasonable financial judgement and
care, under circumstances than prevailing, which persons of
prudence, discretion and intelligence exercise in the management
of their own affairs, not for speculation, but for investment,
considering the primary objective of safety of principal as well
as the secondary objective of the obtainment of market rates of
return.
Investment officers acting in accordance with written procedures
and exercising due prudence shall be relieved of personal
responsibility for an individual security's credit risk or market
price changes, provided deviations from expectation are reported
in an timely fashion, and appropriate action is taken to control
- 4 -
adverse developments.
SECTION VI. INVESTMENT INSTRUMENTS
~iS a L~nlt- ^~ ~ OCd~ gn~T~'*'^*^~*'+h i n tha Ctatc of f'nl nrar~n ~e 'i'OWI1 Of
The Town shall invest in the following accounts, or
1. Fully collateralized or insured interest bearing
checking accounts, savings accounts, and
certificates of deposit at commercial banks with
amount not to exceed $99,000 if the bank is not
designated as a qualified institution by the
Investment Committee.
~ . ~e~ri~i~~--~-~T~ i~g~--ate ~e ~~iat~e~s ~ ,.~, .. ,~,. ..
_.. _..
i~ves;~e~--o~~~i€i~.a~e s€ w~-is h-a~A~~~-~
_.
2. Certificates of deposit at savings and loan
associations insured by the FSLIC with amount not
to exceed $99,000.
3. Treasury bills, treasury notes, treasury bonds and
Federal agencies securities which are guaranteed by the
full faith and credit of the United States of America.
-9t-~ie~--sc-~t-}es , s~teh-a~s-F ,
_.. _.
- 5 -
--}~~~-ased en a €t~=1 del=ver-~-vs-payee=
-~~asz~-;n~rere t-hP se~~~t~es a-re used--as Ee~~ter-al--a~
-~~-f~P-~~`v'c^=~cd cac c~e ~~~fle the-=ALJ33 ~e~ eases €l~n£~6 ~~8=
~~P ~ ~'~ccY'G ti'rnrrv~.
3. Coupon or discount notes issued by the Federal Home
Loan Bank, or the FNMA.
5. Colorado Public Investment Pools. The Town may
participate in a Colorado Public Investment Pool, the
Colorado Local Government Liquid Asset Trust or other
similar local government pools organized in conformity
with Part 7 of Article 75 of Title 24, CRS, which
provides specific authority for pooling of local
government funds.
6. Money Market accounts which primarily invest in
treasury notes, bills and bonds and governmental
agency securities for which shares may be purchased
for $1.00 and liquidated .for $1.00.
__ _ _ _
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Repurchase agreements - with either qualified commercial
banks or a primary securities dealer for which a properly
executed master repurchase agreement has been entered into by
the Town. Repurchase agreements involving pooled collateral
shall be avoided. The securities used as collateral shall be
safekept in accordance with section IX on safekeeping and
custody.
The Town will concentrate
its investment efforts in, but not to be limited to, U.S. Treasury
obligations, certificates of deposit and _
- 7 -
interest bearing checking accounts issued by financial
institutions located in the Town, Eagle County and the State of
Colorado. Tr+Tr^atmcnG~ 'till ~A-se~eeted en the €all~.i~~l~
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t he ~iteria as stated }n ~8 "~nan~ial ~~~i~„+isn~'!,
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VII. COMPETITIVE SELECTION OF INVESTMENT INSTRUMENTS
If a specific maturity date is required for cash flow
purposes, bids will be requested for instruments which meet
the maturity requirement. If no specific maturity is
required, a market trend (yield curve) analysis will be
conducted to determine which maturities would be most
advantageous. After selecting a type of instrument at least
two bids should be obtained from similar institutions.
The Town may place an investment with a local institution
that is .not the highest bidder, provided the bid is not more
than 25 basis points below the highest bidder.
The rate of interest must be at least equivalent to the
average rate of return available in the market place.
Hew~ver ~,; a ,.,,~,r~r
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quad-ty--pr~e~g-is
It is the responsibility of the
Controller to demonstrate compliance with this section. A local
institution is defined as a bank or savings and loan association
doing business inside the corporate limits of the Town of Vail
and/or Eagle County.
VIII. INTEREST ALLOCATION METHOD
All investments will be in the name of the Town of Vail and in
most cases it will be a general policy of the Town to pool all
- 9 -
available operating cash into a Treasury Cash Management
investment portfolio. However, a specific investment purchased by
a specific fund shall incur all earnings and expenses to that
particular fund. Interest earnings from pooled funds shall be
allocated to all participating funds in the following order:
A. Payment of interest earnings shall be allocated to
designated funds from its specific investments.
B. Payment to the General Fund of an amount equal to
the total annual bank service charges as incurred by the
general fund for all operating funds as included in the
annual operating budget.
C. Payment to the General Fund of a management fee equal to
5% of the annual pooled cash fund investment earnings.
D. Payment to each fund of an amount based on the average
monthly cash balance included in the common portfolio
IX. SAFEKEEPING AND CUSTODY
All investment securities (which are held in book entry form)
purchased by the Town shall be held in third-party safe-
keeping by an institution designated as primary agent. The
primary agent shall issue a safekeeping receipt to the Town
listing the specific instrument, rate, maturity and other
- 10 -
information.
Securities may be purchased from the primary agent's broker-
age department and safekept by the same bank's trust depart-
ment.
PORTFOLIO DIVERSIFICATION
The Town will diversify use of investment instruments to avoid
incurring unreasonable risks inherent in overinvesting in specific
instruments, individual financial institutions or investment
maturities.
Maximum Percent
Diversification by Instrument:
Money Market & Sup®r ~•~ interest
bearing checking Accounts
with Commercial Banks
Money Market Funds
U.S. Treasury Obligations
(Bills, Notes & Bonds)
U.S. Government. Agency Securities
and Instruments of Government
.Sponsored Corporations
Repurchase Agreements (Repos)
Certificate of Deposit (CDs)
Commercial Banks
Certificate of Deposit (CDs)
Savings & Loan Association
of Portfolio
~~ 50%
50%
100%
58-°~ 10 0 %
s6~ 75%
100%
i-5~- 2 5 %
- 11 -
Local Government Investment Pool 5-6~- 100$
0
Diversification by Financial Institution:
Repurchase Agreements (Repos)
No more than ~°€- (50~) of the total investment portfolio
shall be secured in Repos with any one institution.
Certificates of Deposit (CDs) - Commercial Banks
No more than 3~$ 20~ of the total investment portfolio
shall be secured in any one commercial bank's CDs. The
Colorado Public Deposit Protection Act (P.D.P.A.) provides
collateralization of public monies accounts in excess of
$100,000 with U.S. Treasury, U.S. Agency, Colorado
Municipal Bond or 65% of Real Estate Mortgage face value
... _.. _.
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No brokered certificates of deposit.
If the amount of any of the above investments are in excess
- 12 -
of the percentage allowed, it is not considered a violation
of this policy if the amount is corrected within 30 days.
XI. MATURITY SCHEDULING
Investment maturities for operating funds shall be scheduled to
coincide with projected cash flow needs, taking into account
large routine expenditures (payroll, bond payments) as well as
considering sizeable blocks of anticipated revenue (sales tax,
property tax) . -I~4~t~r~.ties-~ this catpga~ era > > hp ~ ~ mA~ +-~
iTnder 1-2 months ~ ~%
Ur~c~.er 24 months 8_~-
The average maturity of the portfolio shall never exceed 2 years.
SECTION VII. FINANCIAL INSTITUTIONS
- 13 -
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XII. QUALIFIED INSTITUTIONS AND PRIMARY DEALERS
- 14 -
Qualified banks - can only be commercial banks and the Town's
investment with the bank is in excess of $100,000. The Town's
Finance Controller shall obtain and review the bank's quarterly
consolidated report of condition ("Call" Report) - the annual
audited financial statements, the semi-annual listing of
securities pledged for collaterlization, and the independent bank
evaulation, annually, to determine that the bank meets the
standard selection criteria established by the Investment
Committee.
Non-qualified banks - can be either commercial banks or savings
and loans and the Town's investment with the bank is or will not
be in excess of $99,000. The Finance Controller shall inquire
with bank officials and/or review an independent bank evaulation
to determine the bank meets the standard selection criteria
established by the Investment Committee.
Primary bank - The Investment Committee shall select a primary
bank (the bank the Town uses to process daily deposits and checks)
every two years. A formal request for proposal will be used in
the selection process.
Securities dealers - not affiliated with a bank shall be required
to be classified as reporting dealers affiliated with the New York
Federal Reserve Bank, as primary dealers.
SECTION XIII. INVESTMENT COMMITTEE
There is hereby created an investment committee, consisting of the
Town Manager, Administrative Services Director, and the Finance
Controller. Members of the committee will meet at least quarterly
to determine general strategies and to monitor results. Minutes
- 15 -
of the decisions made by the investment committee shall be kept on
file in the Town Clerk's Office. The committee shall include in
its review and deliberations such topics as: potential risks,
authorized depositories, rate of return, maturity structure and
investment transactions. ~e-~emmittee's-anther}trshall--mot
_..
-~gp~7-te-=i-st~te~s e-€-tyre-~e;x~ e€-~~ai-=- a~g-~e~ee=~--~e~-ie~~~
The Finance Controller will submit a monthly investment
report which discloses investments on the last day of each
month. This report will be distributed to the Town Manager,
Town Council-Members, and the Administrative Services
Director. The Finance Controller will present at least semi-
annually the investment report to the Town Council.
XV. MONITORING AND ADJUSTING THE PORTFOLIO
The Finance Controller will routinely monitor the contents of
the portfolio, the available markets and the relative values
of competing instruments, and will adjust the portfolio
accordingly.
- 16 -
XVI. INTERNAL CONTROLS
The Finance Controller shall establish a system of written
internal controls, which shall be reviewed annually by the
independent auditor.
The effective date of this policy shall be the day of
19
Paul Johnston, Mayor
- 17 -
4 ~.~
TOWN OF VAIL MEMORANDUM
TO: Council Members
FROM: Steve Thompson~~
DATE: September 9, 1988
RE: Investment Report
Enclosed is the investment report with balances as of August 31,
1988, to be reviewed in next Tuesday's work session.
y.
Town of Vail, Colorado
Investment Report
Summary of Accounts and Investments
For the Month Ending August 31, 1988
Money Market Accounts (see page 1)
Commercial Banks
Colorado Investment Pools
Total
Commercial Savings &
Banks Loans
Funds For Reserve Balances Percentage Percentage
Operating Funds * 8/31/88 of Total Allowed
$113,796 $151,950 $265,746 2.84 100
$4,128,061 $4,128,061 44.16 50~
$4,241,857 $151,950 $4,393,807 47.00
Certificates of Deposit (see page 2)
Eagle County Institutions $110,987 $110,987
Other Colorado L~stitutions $0 $90,000 $90,000
National Institutions $485,000 $925,000 $1,410,000
Total $595,987 $1,015,000 $1,610,987
Percentage of Portfolio in Savings & Loans
U.S. Government Securities (see page 3)
Repurchase Agreements
Treasury Notes
GNMA's
U.S. Savings Bonds
Federal Home Loan Bank Discount Notes
Total
Total Portfolio
Maturity Schedule
Maturing Within 12 Months
Maturing Within 24 Months
Maturing After 24 Months
$110,987 1.19
$90,000 0.96
$1,410,000 15.08
$1,610,987 17.23
10.86
$1,916,000 $1,916,000
$480,000 $480,000
$200,725 $200,725
$15,000 $15,000
$732,183 $732,183
$1,427,908 $1,916,000 $3,343,908
20.49`k
5.13~k
2.15
0.16
7.83~s
35.76
$7,280,752 $2,067,950 $9,348,702 100.00
$8,803,977 94.17
$99,000 1.06
$445,725 4.77
$9,348,702 100.00
100
15~
100
100
100°
100
50~
* $2,067,950 is reserves that the Town does not have access to for operation
9/6/88 slml
invsm808
Money Market Accounts
as of August 31, 1988
For the Month of August- Account
Institution Balances
Type of Accounts High I,ow Average 8/31/88
First Bank of Vail -Operating
Interest 7.411 6.988 7.170
Balance $929,128 $113,094 $433,576 $113,796
First Bank of Vail - Insurance
Interest 7.411~a 6.988`k 7.170
Balance $151,950
Colorado Trust (Investment Pool)
Interest 7.06
Balance $4,128,061
$4,393,807
Page 1
9/8/88 slml
inv-an808
~ i
Certificates of Deposit
as of August 31, 1988
Bank Name, Location Days to
Rates Purchase Maturity Maturity Maturity
Ins Coupon Yield Date Date at Purchase Value
United Savings of Texas, Houston TX
FSLIC 7.800 7.800 14~7un-88 12-Oct-88 120 $98,000
Champion Savings Association, Houston TX
FSLIC 8.000 8.000° 14~7un-88 09-Nov-88 148 $98,000
Avg Yield 7.778 S1,b1Q,yY7
9/8/88 slml
invcd808
Page 2
-_
Certificates of Deposit
as of August 31, 1988
Bank ?dame, Location
Rates Purchase
Ins Coupon Yield Date
Maturity
Date Days to
Maturity
at Purchase
Maturity
Value
Perpetual American Federal Savings and Loan, Mclain Virginia
FSLIC 12.65G~ 5.864° 24-Oct-86 05-Sep-88 682 $62,000
12.700 7.595 24-0ct-86 12-Sep-88 689 $30,000
Pacific Federal Savings and Loan, Seattle
FSLIC 9.600 7.400 24-Oct-86 12-Sep-88 689 $55,000
First American Bank, Boston Mass
FDIC 8.000 8.000 12-Nov-87 12-Nav-90 1096 $99,000
First Federal Savings and Loan, Mich
FSLIC 11.600 7.568 24~ct-86 05~ct-88 712 $90,000
Columbia Federal Savings and Loan, Denver Co
FSLIC 11.800 6.727 24-Oct-86 14-Der88 782 $90,000
TexasBanc Savings Acsociation, Conroe TX
FSLIC 8.500 8.500 27-Jul-88 23-Jan-89 180 $98,000
Banco De Boqota Trust Co, New York NY
FDIC 7.500 7.625 06-Jul-88 03-Jan-89 181 $99,000
National Bancshares Corp., San Antonio TX
FDIC 7.600 7.600~s O1-Jul-88 O1-Dec-88 153 $99,000
American State Bank of Olivia, Olivia, Iii
FDIC 8.000 8.000 28~7u1-88 30-Nov-88 125 $98,000
Vail National Bank
FDIC 7.000 7.000 O1-Mar-88 01-Mar-39 365 $10,987
FDIC 7.500 7.500~s O1-Jul-88 03-Jan-89 186 $100,000
First Service Bank, l~ecminster MA
FDIC 8.750 8.750 03-Aug-88 03-Aug-89 365 $90,000
Investors Federal Savings and Loan, Deerfield Beach FL
FSLIC 8.000 8.000 O1-Jun-88 28-Nov-88 180 $99,000
Olney Savings Association, Olney TX
FSLIC 7.750 7.750 O1-Jun-88 31~ct-88 152 $99,000
Sunbelt Savings, Dallas TX
FSLIC 8.500 8.500 14-,7un-88 12-Dec-88 181 $98,000
MeritBanc Savings Association, Houston TX
FSLIC 7.9005 7.900~s 15~Tun-88 13-Sep-88 90 $98,000
Page 2 Cont.
Government Securities
as of August 31, 1988
***'lYeasury Plotes***
Days to
Rates Purchase Maturity Maturity Days to Par
Coupon Yield Date Date at .Purchase Maturity Value
6.3750 6.6940 21-Apr-87 30-Sep-88 528.00 30.00 $250,000
8.8750 7.4700 11-34ar-86 15-Feb-96 3628.00 2724.00 $230,000
Avg Yield 7.0660 $480,000
***Repurchase Agreements***
Days to
Rates Purchase Maturity Maturity Days to Par
Coupon Yield Date Date at Purchase Paturity Value
7.625 7.625`•k 31 Aug-88 07-Sep-88 7.00 7.00 $1,916,000
***C~R4A ~ S***
Years to Estimated
Purchase Maturity Maturity Years to Principal
Pool Coupon Yield Date Date at Purchase Maturity Outstanding
5803 8.0000 8.480~s 14-Nov-86 15-Oct-05 19.10 11.00 $46,521
13003 8.000 9.500As 24-Oct-86 15-Oct-06 20.20 5.00 $72,130
14659 8.0000 9.2000 24-Oct-86 15~Tan-07 21.20 5.00 $82,074
Avg Yield 9.1410 $200,725
***U.S. Savings Bonds***
Years to
Issue Maturity Maturity Years to Maturity
Series Yield Date Date at Purchase Maturity Cost Value
EE 7.1700 O1-Oct-86 O1-Oct-96 10.00 8.09 $15,000 $30,000
***Federal Herne Loan Bank Discount Notes***
Days to
Purchase Maturity Maturity Days to Book Maturity
Yield Date- Date at Purchase Maturity Value Value
7.9760 02 Aug-88 15-Nov-88 105.00 76.00 $244,393 $250,000
8.2310 11-Aug-88 30-Nov-88 111.00 91.00 $487,790 $500,000
$732,183 $750,000
Total $3,343,908
Paqe 3
9/7/88 slml
invtr808
Planning and Environmental Commission
September 12, 1988
2:30 PM Site Visits
3:00 PM Public Hearing
1. Approval of minutes of 6/27 and 8/22.
2. A request for conditional use permit in order to
construct a gondola on Lot 1, Block 1, Vail
Village 3rd Filing.
Applicant: John Wittemyer
3. A request for a condominium conversion of the
Plaza Lodge, 211 Bridge Street.
Applicant: Plaza Lodge Associates, Ltd.
4. A request to review a proposal for the 1989
World Alpine Championships and for a special
review process to allow staff approvals for
temporary signage, structures, street decor and
other temporary improvements for the event.
Applicant: Vail Valley Foundation
5. An appeal of a staff decision with regard to
a denial of the 250 square foot allowance for
the Chester home located on Lot 19, Block 1,
Vail Village 1st Filing.
Appellant: Jay K. Peterson
6. Invitation to the Planners and Planning
Commissioners Annual Fall Conference
1989 BUDGET/COUNCIL MEETING SCHEDULE
TUESDAY, SEPTEMBER 20, 1988
12:30 pm Work Session Items
1:00 pm 1989 Budget Overview
The Town's Fund System
1989 Revenue Projects
1989 Expenditure Budget
Service Levels
3:00 pm Employee Compensation
THURSDAY, SEPTEMBER 22, 1988
8:00 pm Recreation Department
TUESDAY, SEPTEMBER 27, 1988
12:30 pm Work Session Items
1:00 pm Administrative Services Department
2:00 pm Town Officials (Council, Manager, Attorney, Court)
3:00 pm Insurance, Special Events
THURSDAY, SEPTEMBER 29, 1988
6:00 pm Contribution Requests
8:00 pm Community Development Department
TUESDAY, OCTOBER 4. 1988
12:30 pm Work Session Items
1:00 pm Public Works Department
3:00 pm Transportation Department
4:00 pm Heavy Equipment Fund
THURSDAY, OCTOBER 6, 1988
6:00 pm Police Department
7:30 pm Fire Department
8:30 pm Library
TUESDAY, OCTOBER 11, 1988
12:30 pm Work Session Items
1:00 pm Debt Service Fund
Conservation Trust Fund
Capital Projects Fund
9-9-88
3
DESIGN REVIEW BOARD AGENDA
SEPTEMBER 7, 1988
3:00 P.M.
SITE VISITS
1:15 P.M.
7 1. Lund, primary/secondary, conceptual review of a
request to separate units, Lot 4, Block 4, Vail
Village 3rd.
Conceptual. No separation warranted due to lack
of site contraints.
2. Piper/McKibben Duplex
Motion-Sante Second-Riva VOTE 4-0
Changes to Bldg. permit plan elevations. see
bldg. permit drawings for approved elevations.
3. Gwopam, cluster subdivision site plan and
architectural review.
Motion-Sante Second-Leary VOTE 4-0
Approved as revised - add 3 spruce, 10'-12' one
south side each building (1,2,3)
4. Gold Peak Nursery - color revision
Motion-Riva Second-Leary VOTE 2-0 (2
abstentions) Approved as submitted.
5 Anderson Residence
Lot 8, Block 9, Intermountain
TABLED
r
3 6. Raintree Sign Variance
TABLED
5 7. Lot 13, Block 7, Vail Village 1st, Residence
Motion-Riva Second-Leary VOTE 3-1
Approved as submitted and revised.
6 8. Lot 26, Block 7, Vail Village lst, Residence
Motion-Leary Second-Sante VOTE 3-1
Appprove as submitted.
8 9. Tivoli Lodge
Hanson Ranch Road
Motion-Sante Second-Leary For approval with
siding on stair enclosure. Landscape lighting to
come back. Details on railings & rock cap.
2 10. Ricci Addition
Lot 5E, Vail Das Schone
Motion-Sante Second-Riva VOTE 3-1
4 11. Colorado Insight - Color Change
Vail 21 Building
Motion-Leary Second-Sante VOTE 4-0 consent
1 12. Domino's Pizza Awning & Signage
Vail Run Building
Consent
13. Raub Re-Roof
Lot 5C, Vail Ridge
TABLED
MEMBERS PRESENT:
Kathy Warren
Dan Leary
Roy Sante
Grant Riva
STAFF APPROVALS:
MEMBERS ABSENT'
Ned Gwathmey
.,
Bishop & Company Display Case - Mill Creek Court Building
Beard Residence, Revised Landscape Plan - Lot 46, Glen Lyon