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Councilmember Brown thanked the people who came who knew Ms. Jones. She inquired as to the progress on the Century House and where the City is at in that process. In regard to the proceeds of the sale of Ms. Jones' house, she would prefer a discussion of the Council to be scheduled to review the options for the disbursement of proceeds in light of what was proposed this evening. City Manager Fialho addressed that tonight's item was authorizing sale of the home and the use proceeds as an endowment. The City will have some flexibility on how to use assets, however the Executor of the estate has to concur with the particular use of the funds. The endowment will be set up and maintained by the City. Councilmember Brown suggested the approval of the sale as the first step and then come back with defined terms for distribution of the sale proceeds. Councilmember Olson expressed support for the City's management of the endowment and would like to see a future discussion on how and for what items the funds will be disbursed. He supports the use of the existing museum space to honor Ms. Jones and her historical items and also supports efforts toward the Century House. City Manager Fialho mentioned that "bandwidth" is the issue with Century House. MOTION: It was m/s by Narum/Brown to waive full reading and adopted Resolution No. 16-821 approving the sale of the property and return to the Council for a second step to review options of the disbursement of the sale proceeds. Motion carried by the following vote: Ayes: Councilmembers Brown, Olson, Narum, Pentin, Noes: None Absent: Mayor Thorne Abstain: None 8. Accept the Comprehensive Annual Financial Report (CAFR) and other related audits for the year ending June 30, 2015 Finance Director Tina Olson gave a staff report and displayed a PowerPoint Presentation. She reported on several items related to the CAFR including the reporting of pension liabilities as per GASB 68 and 71, the decreased net position from 2013/2014, that total assets exceeded liabilities, government funds, enterprise funds, available resources, internal services funds, outstanding debts, other post retirement employee benefits, and total pension related liabilities. She requested that the City Council accept the presented audited CAFR. MOTION: It was m/s by Olson/Narum to accept the Comprehensive Annual Financial Report (CAFR) and other related audits for the year ending June 30, 2015. Motion carried by the following vote: Ayes: Councilmembers Brown, Olson, Narum, Pentin, Mayor Thorne Noes: None Absent: None Abstain: None MATTERS INITIATED BY COUNCIL Vice Mayor Narum requested topics for the upcoming City Council School District Liaison Committee meeting are forwarded to the City Manager. City Council Minutes Page 11 of 12 February 2,2016