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il <br /> City Council Minutes <br /> July 9, 2018 <br /> Page8of10 <br /> ----------------------------- <br /> Council Member Akerson inquired if this was a firm price quote. Mr. Houle <br /> stated that Mike Loven talked with Minnesota Power regarding the quote. <br /> Council Member Loukota inquired if the prepayment would be refundable ; <br /> if the City decides to leave the lines overhead. Mr. Houle stated they <br /> already have some engineering time logged in for relocating the lines and <br /> is not sure what component of the $40,000 that would be versus the ' <br /> physical relocation of the lines. At this time, he was unsure if a total <br /> refund would occur. <br /> MOTION CARRIED 3-1. COUNCIL MEMBER AKERSON OPPOSED. <br /> E. Call Tax Abatement Bond Public Hearing <br /> This agenda item was nullified at this time per the previous <br /> recommendation of the City's financial consultant. <br /> 9.3. Rasmussen Road Studv Update <br /> Tim Houle stated there was not an update on Rasmussen Road since the <br /> Rasmussen Road Committee had not been able meet. <br /> 9.4 Park Commission Vacancv <br /> Nancy Malecha explained that Maury Graham has resigned from the Park <br /> Commission and requested if anyone knows of someone that would be <br /> interested in filling this vacancy to contact Mayor Adams. <br /> 10. Administration <br /> The following items were received by Council. I <br /> • June 14, 2018 draft Park Commission minutes <br /> • June 19, 2018 draft EDC minutes <br /> • June 19, 2018 HRA minutes <br /> 10.1 2017 Annual Financial Report � <br /> Nancy Malecha presented the 2017 Annual Financial Report to the I <br /> Council giving a five year breakdown of the City Budget and the Revenues ' <br /> and Expenses. The City's Accounting and Reporting Policy states, "the � <br /> City will commit fund balance in the general fund of up to 50°/a of the <br /> following year's general fund budgeted expenditures for cash flow <br /> purposes" and the City is at 69%fund designation. Ms. Malecha noted <br /> that she will take this into consideration when she is preparing the 2019 '� <br />