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City Council Minutes July 9, 2018 Page 8 of 10 ----------------------------- Council Member Loukota inquired if the prepayment would be refundable if the City decides to leave the lines overhead. Mr. Houle stated they already have some engineering time logged in for relocating the lines and is not sure what component of the $40,000 that would be versus the physical relocation of the lines. At this time, he was unsure if a total refund would occur. MOTION CARRIED 3-1. COUNCIL MEMBER AKERSON OPPOSED. E. Call Tax Abatement Bond Public Hearing This agenda item was nullified at this time per the previous recommendation of the City's financial consultant. 9.3. Rasmussen Road Studv Update Tim Houle stated there was not an update on Rasmussen Road since the Rasmussen Road Committee had not been able meet. 9.4 Park Commission Vacancv Nancy Malecha explained that Maury Graham has resigned from the Park Commission and requested if anyone knows of someone that would be interested in fiilling this vacancy to contact Mayor Adams. 10. Administration The following i#ems were received by Council. • June 14, 2018 draft Park Commission minutes • June 19, 20'18 draft EDC minutes • June 19, 2018 HRA minutes 10.1 2017 Annual Financial Report Nancy Malecha presented the 2017 Annual Financial Report to the Council giving a five year breakdown of the City Budget and the Revenues and Expenses. The City's Accounting and Reporting Policy states, "the City will commit fund balance in the general fund of up to 50% of the following year's general fund budgeted expenditures for cash flow purposes" and the City is at 69% fund designation. Ms. Malecha noted that she will take this into consideration when she is preparing the 2019 Budget. The general fund capital outlay and council contingency carryover monies remaining at year-end total $124,398.56. Ms. Malecha pointed out