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City Council Minutes <br /> July 7, 2020 <br /> Page 9 of 12 <br /> L ----------------------------- <br /> • Larsen Memorial Parkway(In honor of Ed Larsen who was the Pequot <br /> Lakes Mayor when the Pequot Lakes Industrial Park plat was created <br /> and he was a former principal at Pequot Lakes High School.) <br /> • Larsen Parkway <br /> Discussion ensued which road name the Council would like to use. <br /> COUNCIL MEMBER PEDERSON MOVED TO ADOPT THE ROAD NAME OF <br /> �ARSON PARKWAY FOR THE NEW ROAD IN THE HEART OF THE GOOD <br /> LIFE DEVELOPMENT. COUNCIL MEMBER SWANSON SECONDED THE <br /> MOTION. MOTION CARRIED 5-0. <br /> 10.3. 2019 Annual Financial Report <br /> Angie Duus noted that the 2019 Annual Financial Report was prepared to <br /> highlight various departmental statistics, organizational chart, budgets, capital <br /> improvement plan, revenues and expenses, cash flow analysis and designation, <br /> capital outlay carryover, and statement of net position. <br /> 10.4. Post-Emplovment Benefit Valuation Report <br /> `„ Angie Duus informed the Council the City is required to have an actuarial <br /> valuation of its Other Post-Employment Benefits (OPEB) every finro years. This <br /> valuation determines the City's obligation regarding post-employment benefits <br /> also referred to as retiree benefits for medical, dental, and other health-related <br /> benefits for City retirees to be included in the City's financial audit. <br /> Discussion ensued about this report being required and presented to the Council <br /> every two years. <br /> COUNCIL MEMBER SWANSON MOVED TO ACCEPT THE POST- <br /> EMPLOYMENT BENEFIT VALUATION REPORT FOR THE VALUATION <br /> YEAR BEGINNING JANUARY 1, 2020 AND THE RECOMMENDATION TO <br /> FUND THE CITY'S OPEB OBLIGATION USING THE PAY-AS-YOU-GO <br /> (PAYGO) METHOD. COUNCIL MEMBER AKERSON SECONDED THE <br /> MOTION. MOTION CARRIED 5-0. <br /> 10.5. Audit Services Proposal <br /> Nancy Malecha presented to Council a proposal from Schlenner Wenner& Co. <br /> for audit services for the City for the next three years. She sated that the City <br /> Clerk Angie Duus and herself recommend the City accept this proposal from <br /> Schlenner Wenner& Co. to conduct the City's 2020- 2022 audits due to their <br /> strong collaboration and exceptional service. <br /> `,,, COUNCIL MEMBER AKERSON MOVED TO ACCEPT THE PROPOSAL FROM <br /> SCHLENNER WENNER 8� CO. TO PERFORM AUDIT SERVICES FOR THE <br />