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Special Council Meeting 3-10-08 Page 2 Mr. Marquardt said that in the year end total for 2006, we had $4,917,000.00 in sale of short term or long term debt. That is in 2006 here but they are not in the same column. Mr. Brett explained that there are other funds that they come out o£ It does not really go into long term debt until we start repaying it. Everything that came out of the sale of debt for the police station originally went into the police station. For the short term debt, the Stabile property came out of the Capital Improvement Fund. So there was only $1.3 million that came out of the bond retirement fund last year. Mr. Marquardt said it still looks like it is out of alignment somewhere. In one page or the other, it is out of alignment. Mr. Brett replied that it is probably the older page that is out of alignment. Council President Buckholtz asked if 2007 is the actual numbers of the ending of 2007 as well. Mr. Brett said it is always the beginning. As of January 1, 2007, there was $18,592,000.00 outstanding total debt. Council President stated then that 2008 is an actual beginning. Mr. Brett said that in January lst there was $18,621,460.00. Council President Buckholtz asked if all of the other rows indicate what happened throughout 2007. Mr. Marquardt advised this is an increase of $5.5 million over what was forecast last year. Mr. Brett asked, forecast as far as what, long term debt or short term debt. This is everything combined. Mr. Marquardt said this is the long term debt. Mr. Brett stated that this combines the short term and long term debt. The note has been rolled in here so that all of the information has been provided, where it came from, where it is going. Mr. Marquardt stated that the numbers are significantly higher than forecast last year. Mr. Brett asked if that includes short term debt. Mr. Marquardt pointed out the row he is looking at. That is the total. It would appear that what you had last year for the end of 2006 was $19,552,000.00 that lined up with the beginning of 2007 which is $18,596,000.00, but from there on last year the forecast went down. Mr. Marquardt is looking at last year's and comparing it to this year's. Last year's was showing a steady decline in debt from the peak of $19,552,000 going down to 13, 12, 11, 10, 8 and 7 to 2012. Now it is staying pretty even at $18 or $19 million to 2012. It tapers off at the end. Mr. Saponaro asked if that is because of the underpass for 2007. Mr. Saponaro asked if he is looking at last year's sheet. Mr. Marquardt said he was. Mr. Saponaro stated that Council did not have a copy of last year's sheet. Mr. Marquardt provided Mrs. Betsa with the sheet to make copies. Mr. Saponaro asked Mr. Marquaxdt if he was looking at the standard. Mr. Marquardt stated he was looking at last year and it shows an increase in the total debt of long term and short term. This one is looking like it is pretty flat. Long term debt last year was decreasing. This one is staying pretty flat through at least 2011.