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Regular City Council Meeting <br /> Monday, May 11, 2015 <br /> Page 7 <br /> matters based on an audit of the financial statements performed in accordance <br /> with Government Auditing Standards. <br /> Mr. Mayer reported that the only finding this year was related to Material Audit <br /> Adjustments, and addressed in their Management Letter under Financial Analysis <br /> and Required Communication; and noted the finding had already been corrected <br /> by staff <br /> Mr. Mayer provided a brief overview of various funds outlined in the reports, in- <br /> cluding the General Fund and each Enterprise Fund with an without depreciation <br /> figured in. Mr. Mayer addressed the results to those funds of recent utility rate <br /> adjustments made in recent years; suggesting caution about the sustainability of <br /> continuing to use reserve funds in the Golf Course Fund. <br /> Mayor Roe and Councilmember McGehee thanked Mr. Miller and his staff for the <br /> excellent report and work indicated. <br /> Mr. Miller noted that, as the council has time to absorb the report outside of the <br /> meeting, staff and/or Mr. Mayer would stand for questions as they arose. <br /> McGehee moved, Etten seconded, accepting the 2014 Annual Financial Report as <br /> presented. <br /> Roll Call <br /> Ayes: Willmus, Etten, McGehee and Roe. <br /> Nays: None. <br /> 12. Public Hearings <br /> 13. Budget Items <br /> 14. Business Items (Action Items) <br /> a. Request to Purchase Parcel ID #1429232400029 for Stormwater and Wetland <br /> Mitigation Purposes <br /> Public Works Director Marc Culver summarized the request as detailed in the <br /> RCA, as well as providing a brief overview of the upcoming reconstruction of <br /> Victoria Street and wetland and stormwater requirements and a proposed mitiga- <br /> tion design. <br /> As outlined in the RCA, Mr. Culver reported that the appraised value property <br /> needed for the stormwater easement was $57,900, and the total market value of <br /> the parcel was appraised at $96,500. Mr. Culver advised that staff had met in a <br /> preliminary manner with the current property owner who had expressed their will- <br /> ingness to sell the entire parcel. Mr. Culver stated staff's recommendation to ac- <br /> quire the parcel to provide a buffer to existing wetlands as further detailed in the <br />