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amended to include language that the County would forfeit 50% of the earnest money if the City <br />determines not to proceed with the purchase. <br />Further discussion: Chairperson Strommen directed staff to include this item on a work session <br />prior to September 30. Councilmember Elvig directed staff to provide Council with the <br />ramifications of the 5 -year balloon prior to the budget discussions. <br />Motion carried. Voting Yes: Councilmembers Elvig and Jeffrey. Voting No: Chairperson <br />Strommen. <br />COMMITTEE INPUT <br />Chairperson Strommen inquired about the status of the outstanding $6,000 water bill that was <br />discussed at the last Finance Committee meeting. Finance Officer Lund replied Connexus will <br />be attending the August 22 Finance Committee meeting to discuss the issue. <br />Chairperson Strommen directed staff to include a discussion of a policy on discretionary <br />spending with the budget process. <br />ADJOURNMENT <br />Motion by Councilmember Jeffrey, seconded by Councilmember Elvig, to close the regular <br />• meeting of the Finance Committee. <br />Motion carried. <br />The regular meeting of the Finance Committee adjourned at 6:25 p.m. <br />Respectfully submitted, <br />Diana Lund <br />Finance Officer <br />ATTEST: <br />Jo Ann M. Thieling <br />City Clerk <br />Drafted by Carol Hamer <br />TimeSaver Off Site Secretarial, Inc. <br />Finance Committee / August 8, 2006 <br />Page 7 of 7 <br />-21- <br />