8-12-2024
Council Conference Meeting
August 12, 2024
5:30 PM
Fridley City Hall, 7071 University Avenue N.E.
Agenda
Agenda
1.Updating the City of Fridley Seal
2.Discussion of the Fridley Firefighters Relief Association consideration of joining the Public
Employee Retirement Association (PERA) Statewide Volunteer Fire Plan (SVF)
3.Proposed Investment Policy Revisions and Safekeeping/Custodial Depository Change
4.Public Arts Commission Recommendation for Art at Moore Lake Park
Accessibility Notice:
If you need free interpretation or translation assistance, please contact City staff.
Si necesita ayuda de interpretación o traducción gratis, comuníquese con el personal de la ciudad.
Yog tias koj xav tau kev pab txhais lus los sis txhais ntaub ntawv dawb, ces thov tiv tauj rau Lub Nroog cov
neeg ua hauj lwm.
Haddii aad u baahan tahay tarjumaad bilaash ah ama kaalmo tarjumaad, fadlan la xiriir shaqaalaha
Magaalada.
Upon request, accommodation will be provided to allow individuals with disabilities to participate in any City of
Fridley services, programs or activities. Hearing impaired persons who need an interpreter or other persons who
require auxiliary aids should contact CityClerk@FridleyMN.govor (763) 572-3450.
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AGENDA REPORT
Meeting Date:August 12, 2024 Meeting Type:City CouncilConference
Submitted By:Melissa Moore, City Clerk/Communications Manager
Danielle Herrick, City Manager Intern
Title
Updating the City of FridleySeal
Background
On May 11, 2024, Minnesota officially adopted a new Great Seal and State Flag, replacing the previous
emblems. Pursuant to Section 1.04 of the Fridley City Charter, the City of Fridley (City)may
the City Council the authority to alter the City Sealwhen deemed
appropriate.
The current City Seal mimicsthe oldState Seal, featuring the City of Fridley and Anoka County names
along its edge. In response to the State updating theStateSeal, staff researched if the City should update
theCity Sealand if other cities were considering this action. Cities are not required to update their seals.
However, some are choosing todo so tocontinue alignment of local and State tools.
In keeping with the City's historical practice of aligning with State symbols, staff proposea revisedCity
Seal.
Old State SealCurrent StateSealCurrent CitySealProposed City Seal
Vision Statement
We believe Fridley will be a safe, vibrant, friendly and stable home for families and businesses.
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AGENDA REPORT
Meeting Date:August 12, 2024 Meeting Type:City CouncilConference Meeting
Submitted By:Maddison Zikmund, Fire Chief
Title
Discussion of the Fridley Firefighters Relief Association consideration of joining the Public Employee
Retirement Association (PERA)Statewide Volunteer Fire Plan (SVF)
Background
The Fridley Fire Divisionhas long held a pension fund for members under the Fridley Firefighters Relief
Association (Relief Association) a separate but partnered not-for-profit entity of the City. The Relief
Association has a board of directors made up of elected firefighter members and ex-officio members
including the Fire Chief, Finance Director, and Mayor. The ReliefAssociationis responsible for the
management of assets within a Special Fund (pension assets) and a General Fund (dues, fundraising,
event assets). Of the nearly 800 Fire Departments in the State, approximately 500 of them operate a
pension fund in this same manner. Pension plan types generically include two types: Defined-Benefit
(DB) and Defined-Contribution(DC). DB plans guarantee a set dollar amount per year of service. DC
plans provide equal assets to members during an active year of service. Each requires an annual audit,
different actuarial evaluations, and considerations. Arguments can be made that either plan type is more
attractive than the other. The Fridley Relief Association operates a Defined-Contribution plan type which
allocates 100% of special fund revenue to plan members in a given year. Therefore, the plan is always
100% funded as the assets must equal liabilities.
In recent years, PERAhas administered a SVF. The goal was/is to relieve the burden both financially and
administratively from Relief Associations. There are over 200 Fire Departments/cities that have joined
the SVF since its inception. During the most recent legislativesession, the PERA SVF plan will now permit
Defined-Contribution plan types into the program. The current Relief Association Board of Directors
has had discussions about this option for the past several months and engaging with all members for
their feedback. Thus far, there has been strong and consistent support to join the PERA SVF pending
approval by the membership body and the City Council.
By joining the PERA SVF the Relief Association relinquishes all special fund assets to PERA for
administration. PERA would then move forward in communicating with the City and Fire Chief for
administration of the assets. The Relief Association may still exist as a fraternal organization and manage
its General Fund assets which become completely separate from Citybusiness or transactions. The
existing Fire State Aid which must pass through the City and onto the Relief Association would
henceforth be paid directly to PERA and into the Fridley SVF plan.
Vision Statement
We believe Fridley will be a safe, vibrant, friendly and stable home for families and businesses.
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Financial Impact
This proposal has no financial impact to the City. Currently, the City does not provide funding to the
Fridley Firefighters Relief Association other than a pass-through of Fire State Aid which must be done
according to statute. The financial impact of this proposal is to benefit the Fridley Firefighters Relief
Association which currently spends approximately 25% of its revenue on administrative expenses.
Furthermore, the state legislature has allocated one-time incentive funding for those plans who join
PERA SVF on a first-come, first-served basis. If approved, that incentive payment would be made
directly to the PERA SVF assets upon joining.
Beyond financial impact, this also relieves burden on Firefighters who must become educated and liable
as fiduciaries in managing the pension assets. By transitioning this process to PERA, it significantly
reduces liabilities to the City, Relief Association, and individual members.
Attachments and Other Resources
Vision Statement
We believe Fridley will be a safe, vibrant, friendly and stable home for families and businesses.
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AGENDA REPORT
Meeting Date:August 12, 2024 Meeting Type:City Council Conference Meeting
Submitted By:Joe Starks, Finance Director/City Treasurer
Korrie Johnson, Assistant Finance Director
Title
Proposed Investment Policy Revisions and Safekeeping/Custodial Depository Change
Background
They are being proposed for
include:
Maximum Maturities clarified language to note that to the extent possible, the City will match
maturities to cash flow needs and that the maturities will be staggered (laddering) and the
ds invested in maturities of 5 years or less
and no more than 50% invested from 5 years to 10 years.
Custodial Risk added language to include broker/dealers as eligible institutions for safekeeping.
o Assets are held in the name of the City, and not the
broker/dealer.
o-
o Allowed to purchase from any broker/dealer.
o Robust reporting provided.
Staff are also proposing a change to the safekeeping/custodial depository. The City currently uses US
Bank and is proposing to switch to UBS. The City has had a working relationship with UBSfor investment
management overthe last two years and they have demonstrated their diligent stewardship of the Ci
resources and one that can be trusted. Staff reached out to 3 cities who use UBS in a similar fashion, and
all spoke very highly. A side benefit is that by utilizing them as a safekeeping/custodial depository, there
should be cost savings to the City of approximately $11,000 annually.
Focus on Fridley Strategic Alignment
Vibrant Neighborhoods &PlacesCommunity Identity &Relationship Building
X Financial Stability & Commercial ProsperityPublic Safety & Environmental Stewardship
X Organizational Excellence
Attachments and Other Resources
Vision Statement
We believe Fridley will be a safe, vibrant, friendly and stable home for families and businesses.
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Investment Policy Revisions
Vision Statement
We believe Fridley will be a safe, vibrant, friendly and stable home for families and businesses.
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AGENDA REPORT
Meeting Date:August 12, 2024 Meeting Type:City CouncilConference Meeting
Submitted By:Scott Hickok, Community Development Director
Title
Public Arts Commission Recommendation for Art at Moore Lake Park
Background
The City of Fridley has been given the opportunity to install art in the newly reimagined Moore Lake
Park. Contributions of $6,000 from the Rice Creek Watershed District and $10,000 from Mary T, (owner
of Crooners) have made this art possible. The Public Arts Commission met on Wednesday evening and
reviewed each of three art concepts submitted by Artist Jessica Turtle. Ms. Turtle, a long-time artist and
Water Stewardship Program graduate, researched and made certain each concept presented
emphasized the importance of the environment and water quality.
Chose the Northern Leopard Frog (Concept #3). The sculpture will be in the water, in the pond and will
appear as if it is on a floating lily pad.
Financial Impact
Absorbed staff time, plus donated funds
Recommendation
Staff will bring this item to the City Council for formal resolution approval on August 20, 2024
Focus on Fridley Strategic Alignment
X Vibrant Neighborhoods &Places X Community Identity &Relationship Building
Financial Stability & Commercial ProsperityPublic Safety & Environmental Stewardship
Organizational Excellence
Attachments and Other Resources
Artist Concepts 1-3
Vision Statement
We believe Fridley will be a safe, vibrant, friendly and stable home for families and businesses.
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Vision Statement
We believe Fridley will be a safe, vibrant, friendly and stable home for families and businesses.
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