The City of Northfield received a financial investment update from Don Hansen and Brian Johnson of PFM Management. Municipalities are limited in what they’re allowed to invest in. That means lower returns but safer investments. There’s a .78% benchmark in the City’s policy, the stated return is .99%. Councilor DeLong asked what the policy is on taking the money out and using it. Finance Director Melanie Lammers said, “I try not to touch it”. Those are the City’s core investments. They have liquid cash in a money market account. Their fee is based on assets under management. Johnson said it’s 12 basis points which breaks down to about $24,000 a year. The City keeps 3 months of operating expenses on hand.
The Governor’s plan would give Northfield Schools $2.3 mil
Lt Governor Tina Smith discussed Governor Dayton’s proposal for education funding increases stating that it will provide a better foundation for Minnesota youth. Adding that she and the Governor believe it to be an “engine for economic opportunity in the state”. Smith feels that education is overdue for an increase in spending saying the State is spending less now than 10 years ago if you take inflation into account. Funding comes from three sources, federal and state governments, and property taxes. Smith says by increasing state funding, pressure on property owners will actually decrease. The impact would mean $2.2 million for Northfield over what they’re getting today and $2.4 million for Faribault. In an effort to combat the opportunity gap for minority students, the proposal includes training a more diverse pool of teachers and more emphasis on early education. There will likely be a battle with Republicans.
Scriven honored at Farewell party
Crowds of people streamed by the Northfield Historical Society last night to say farewell to Executive Director Hayes Scriven. A fixture for a dozen years, his enthusiasm for sharing history elevated NHS to a class by itself in small town museums. Former board member Scott Richardson called him a “fearless fundraiser” and said he tried to open the historical society to new audiences and do things that would invite people in, getting to know HS in different ways. Scriven started the Outlaw Run, Cemetery Stories, Hops, Grapes & History and more, making it a truly accessible place for the entire community. Earl Weinman spoke of the most common words Scriven used to make NHS a better place including the 4 most common, “what do you think, the 3 most important words said frequently and with sincerity, I need you, the 2 most important words were, thank you, and his most important word used and will continue, we, and the lease spoken word was, I”. Chamber President Todd Bornhauser praised him for their partnership and Brad Ness even wrote him a poem. An emotional Scriven thanked everyone.