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July 24, 2018 Page 4 of 7 have a near-term impact on the ability to maintain current service levels. Programs such as debt service and tax increment financing which are governed by pre-existing obligations and restricted revenues are not shown. In addition, expenditures in the City’s Fleet and Non-Fleet programs are not shown as these expenditures are specifically tied to pre-funded asset replacement funds. These replacement funds are not susceptible to year-to-year fluctuations and therefore annual reviews are considered sufficient. Finance Director Davitt reported the information is presented strictly on a cash basis, which measures only the actual revenues that have been deposited and the actual expenditures that have been paid. This is in contrast with the City’s audited year-end financial report which attempts to measure revenues earned but not collected, as well as costs incurred but not yet paid. Finance Director Davitt reported it should be noted that many of the City’s revenue streams such as property taxes, are non-recurring or are received intermittently throughout the year. This can result in wide revenue fluctuations from month to month. In addition, some of the City’s expenditures such as new capital purchases are also non-recurring and subject to wide fluctuations. To accommodate these differences, a comparison is made to historical results to identify whether any new trends exist. Further discussion ensued regarding the City’s fund balances and she requested approval of the 2nd quarter financials. Councilmember Burg thanked Finance Director Davitt for providing the Council with a clear and thorough 2nd quarter report. Mayor Johnson asked if the City was being completely transparent with all of its financial reporting. Finance Director Davitt reported this was the case. 5 Ayes, 0 Nays-Motion Carried 2. Consideration of Bids and Award for City Project 18-3, Pavement Management Program. Motion by Councilmember Jacobsen, seconded by Councilmember Burg to accept all bids and adopt the attached Resolution awarding a contract for City Project 18-3, Pavement Management Program to the lowest responsible bidder, Barber Construction, Inc., in the amount of $119,801.00. City Manager Lotter indicated Community Assets and Development Director Schlichting would be presenting this item to the Council. Community Assets and Development Director Schlichting explained this project consists of the rehabilitation of approximately 5,400 feet of bituminous trail at Hansen Park and Meadow Wood Park by reclamation of the existing bituminous surface, grading, bituminous surfacing, topsoil and seed. The low bidder, Barber Construction, Inc., has not worked in the City before, however they have submitted letters of reference from other cities and staff believes they are qualified and capable of performing work of this kind and magnitude. Staff reviewed the expense of the project in further detail and recommended the Council accept the bids and adopt the Resolution awarding a contract for City Project 18-3 in the amount of $119,801. Councilmember Jacobsen stated he was pleased to see the favorable results for these bids. He thanked staff for their efforts on this project. He asked 5 Ayes, 0 Nays-Motion Carried 3. Consideration Resolution approving Mounds View Public Schools Special Use Permit to allow construction of 3,022 SF classroom addition at Pike Lake Education Center at 2101 14th ST NW. Motion by Councilmember Allen, seconded by Councilmember Dunsworth to adopt a Resolution 2. Consideration of Bids and Award for City Project 18-3, Pavement Management Program. 3. Consideration Resolution approving Mounds View Public Schools Special Use Permit to allow construction of 3,022 SF classroom addition at Pike Lake Education Center at