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Regular City Council Meeting <br />Monday, May 12, 2008 <br />Page 17 <br />Mr. Eichten then reviewed the City's overall financial condition; state-wide ver- <br />sus city comparisons and recent legislation affecting City finances (i.e., Local <br />Government Aid and Market Value Homestead Credit); market value compari- <br />sons; local tax capacity; and average tax rates used as a benchmark to measure the <br />City's financial health; governmental funds revenues and sources, expenditures by <br />function; financial trends and analyses; and specific program funds and their op- <br />erating results for 2007. <br />Further discussion included restoration of market value homestead credits and a <br />history of legislation; separation of the expenditure related to previous Twin <br />Lakes Redevelopment actions and litigation; recent rate increases to the City's <br />water and sanitary sewer funds and their improved reserve status of those funds; <br />reserve policies of the City and need to monitor various fund results; and multi- <br />year improvement of policy objectives for various funds and reserve funds. <br />Mr. Eichten concluded his comments by reviewing accounting and auditing up- <br />dates, asaddressed on page 20 of the Management report, and entitled, "GASB <br />Statement No. 43 -Financial Reporting for Post-Employment Benefit Plans other <br />than Pension Plans and DASB Statement No. 45 -Accounting and Financial Re- <br />porting by Employers for Post-Employment Benefits other than Pensions." Mr. <br />Eichten reviewed the new guidance for post-employment, non-pension benefits <br />for the City's retirees, and reporting requirements of those specific benefits with <br />cost projections. <br />Klausing moved, Ihlan seconded, acceptance of the 2007 Annual Financial Report <br />from the City's independent auditors, Malloy, Montague, Karnowski and Ra- <br />dosevich and Company, P.A. <br />Roll Call <br />Ayes: Pust; Roe; Ihlan and Klausing. <br />Nays: None. <br />Removed from Consent <br />Approve further Amendments to the 2007 Budget (Former Consent Agenda <br />Item 7.f) <br />Roe moved, Klausing seconded approval of subsequent year-end amendments to <br />the 2007 Budget, as recommended by the City's Auditors for re-categorizing the <br />Twin Lakes Letter of Credit proceeds expenditure, designating it as an operating <br />expenditure. <br />Roll Call <br />Ayes: Pust; Roe; Ihlan and Klausing. <br />Nays: None. <br />13. Business Items -Presentations, Discussions <br />b. Receive an Update on the Geothermal Project <br />