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Board broadly define the term "financial interest" as "any asset owned or controlled by an individual or business which has a potential to produce a monetary return." 24 The specific circumstances under which an action or decision might substantially affect the financial interests of a Council member, an advisory committee member, or a Metropolitan Parks and Open Space Commission member cannot be stated or predicted 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. u 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, a commission member's, or an advisory committee member's ability to faithfully perform the member's responsibilities as a public or local official.' The term "associated business" is defined broadly by the statute to include "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." 27 An associated business also includes any association in connection with which the individual "is -a holder of securities worth $2,500 or more at fair market value." 28 It may be possible for a conflict of interest to arise even if a public or local official does not receive actual compensation as a director, officer, owner, member, partner, employer, or employee of an associated business or does not hold securities whose market value exceeds $2,500. In a 1987 case," the Minnesota Supreme Court concluded a Public Utilities commissioner should have disqualified himself from participating in a rate case involving a utility with which the commissioner was discussing future employment opportunities, even though the commissioner apparently did not receive any compensation or other financial benefits from the utility and never discussed the pending rate case during the employment discussions. Common law conflict of interest rules also may prohibit members of the Metropolitan Parks and Open Space Commission and members of the Council or its advisory committees from participating in their official capacities and from considering proposals before the commission or the Council if the members, in their private capacities, were involved in preparing specific proposals upon which commission or Council action is contemplated. 3° Conflict of interest issues frequently involve family relationships, but a family relationship itself probably is an insufficient ground for concluding a prohibited financial interest exists. 31 However, family relationships like spousal relationships may give rise to actual or apparent conflict problems because of the direct or indirect financial implications associated with income- sharing that is customary in spousal relationships. Each conflict situation is unique and the facts must be considered on a case -by -case basis. The Legal Department is available to provide assistance and advice regarding specific circumstances and potential conflicts of interest. The Chapter 10A conflict provisions do not require members of the Council, members of Council advisory committees, or members of the Metropolitan Parks and Open Space Commission to disclose or report conflicts of interest, even if an action or decision will substantially affect the members' financial interests or the financial interest of an associated business, if the effect on Council members, advisory committee members, or commission members is no greater than on other individuals who belong to the members' business classification, profession or occupation. 32 If a Council or commission action or decision has an industry- or occupation -wide effect, a Council or advisory committee member or a member of the Metropolitan Parks and Open Space Commission 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 member of the Council or its advisory committees or a Metropolitan Parks and Open Space Commission member still should consider whether participation in a matter which substantially affects personal or business financial interests creates the appearance of a conflict, and whether the appearance of a conflict might adversely reflect on the Council's or the