03-23-2017 - Laserfiche WebLink

Metro Flood Diversion Authority—March 23, 2017 4 MOTION, passed Mrs. Scherling moved and Mr. Peterson seconded to receive the draft mitigation plan for board review and discussion at the next meeting. Motion carried. 9. FINANCE UPDATE Committee report The Finance Committee met on March 22nd. Michael Montplaisir, Cass County Auditor, said the Diversion Authority has $80 million in cash on hand, has the ability to borrow $50 million from Wells Fargo Bank, and has $86 million in state allocations. He said two short-term loans are due in July. The financial team has been looking at different options to pay them and will bring a recommendation back to the board. Amendment to Fiscal Services Agreement The Diversion Authority appointed the City of Fargo as fiscal agent for the project in 2011 because of the city’s ability to manage project cash receipts and disbursements and to provide a financial management and reporting system. The Finance Committee approved an amendment to the agreement to add the payroll process, handling of cash reserves, and adjustment of the fiscal agent compensation. The compensation structure will change to a fixed monthly amount due to ongoing support provided by Fargo for a grant accountant position. He also noted that interest on cash reserves will be allocated to the diversion fund, and any interest charges accrued on deficit fund balances will be paid to Fargo to recoup lost investment income. MOTION, passed Mrs. Scherling moved and Mr. Olson seconded to approve the amendment to the Fiscal Services Agreement with the City of Fargo. On roll call vote, the motion carried unanimously. USACE Funds Request 002 Michael Redlinger, Assistant Fargo City Administrator and Co-Executive Director, said the Finance Committee approved Funds Request 002 from the U.S. Army Corps of Engineers (USACE) in the amount of $1,230,000 for biotic monitoring, geomorphic surveys and cultural mitigation projects. The request is a non-federal liability and is consistent with the previous agreements with the Corps. MOTION, passed Mr. Campbell moved and Mr. Weyland seconded to approve USACE Funds Request 002 in the amount of $1,230,000. On roll call vote, the motion carried unanimously. Voucher approval The bills for the month are with Dorsey & Whitney LLP for legal services; Warner and Company for renewal of liability insurance coverage; Ohnstad Twichell, P.C. for legal services; Cass County Joint Water Resource District (CCJWRD) for costs associated with the Metro Flood Diversion, in-town levees, Diversion Project Assessment District, OHB levee, and Oxbow Country Club golf course construction; Erik R. Johnson & Associates, Ltd. for legal services; Army Corps of Engineers for 2017 surveys and mitigation work; and Fargo- Moorhead MetroCOG for aerial imagery and LIDAR mapping. MOTION, passed Mr. Peterson moved and Mr. Vanyo seconded to approve the vouchers received through March 15, 2017, in the amount of $6,359,595.13. On roll call vote, the motion carried unanimously.