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any association in connection with which the individual is compensated in excess of $50 except for actual and reasonable expenses in any month as a director, officer, owner, member, partner, employer or employee, or is a holder of securities worth $2,500 or more at fair market value. The specific circumstances under which an action or decision might substantially affect the financial interests of a Council member cannot be stated precisely. Each potential conflict of interest must be considered on a case -by -case basis in light of the particular facts giving rise to the potential conflict 17 A financial interest probably is substantially affected by an action or decision if the effect of the action or decision on the financial interest is more than remote or inconsequential and materially affects a Council member's ability to faithfully perform the member's responsibilities as a public official. If a potential conflict of interest exists and there is sufficient time to disclose the conflict prior to the agenda item to which the potential conflict relates, a Council member must "prepare a written statement describing the matter requiring action or decision and the nature of the potential conflict of interest." 19 The statement should be made on a Potential Conflict of Interest Notice form available from the Campaign Finance and Public Disclosure Board. A copy of the form also can be obtained from the Council's Office of the General Counsel. The member must deliver a copy of the completed form to the Chair of the Council. If the Chair has a potential conflict of interest, the Chair probably should deliver a copy of the completed form to the Governor. Sometimes a potential conflict of interest will exist or arise and a Council member will not have sufficient time to prepare and deliver copies of the required statement prior to the time the matter will be considered by the Council. If a Council member with a conflict of interest does not have sufficient time to prepare and deliver the required statement, the member must "orally inform" the official body or committee upon which the member serves and should file the required statement within a week of the action taken. The Council member that has the potential conflict of interest should state at least the general nature of the conflict 23 The statutory conflict of interest provisions do not require a Council member to disclose or report conflicts of interest, even if an action or decision will substantially affect the member's financial interests or the financial interests of an associated business, if the effect on the Council member is no greater than on other individuals who belong to the member's business classification, profession, or occupation. If a Council action or decision has an industry- or occupation -wide effect, a Council member may fulfill the member's responsibilities as a public decision -maker and may act on or decide issues that substantially affect the member's personal or business - related financial interests. However, even if no statutorily recognized conflict exists when an action or decision affects an entire business classification, profession or occupation, a Council member still should consider whether participation in a matter which substantially affects personal or business financial interests will create the appearance of a conflict, and whether the appearance of a conflict might negatively reflect on the Council's particular action or decision, or adversely affect the Council's ability to fulfill its public responsibilities. Even if no actual conflicts of interest exist under the Ethics in Government Act, the Council still must be concerned with the appearance of conflicts because the Council is a public entity conducting public activities 2 Entities like the Council which transact public business have a legitimate interest in ensuring public confidence in decision - making processes and in ensuring the 5