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Philip M. Brd1, Diredor of Finance and Economic Develapment <br />Clarification ofMinutes ofMarch 22, 2004 <br />That said, let me commit to writing my recollections of the meeting of <br />the 22nd <br />MINUTES OF A SPECIAL MEETING OF COUNCIL, <br />Mayfield Village <br />March 22, 2004 <br />The Council of Mayfield Village met in Special Session on Monday, March 22, <br />2004, at 7:00 p.m. in the Mayfield Village Senior Center/Comxnunity Roorri. <br />Council President Bill Buckholtz presided. <br />ROLL CALL: <br />Present: Mr. Buckholtz, Mr. Marquardt, <br />Mis. Mills, Dr. Parker, and Mr. <br />Masrie <br />Absent: Mrs. Cinco, Mr. Saponaro <br />Also Present: Mapor Rinker, Mx. Brett, Mr. Metzung <br />Absent: M=. Diemert, Mr. Hovancsek, Chief Deaxden, <br />Chief Mohi, Mt. Thomas, and Donna Roman <br />The special meeting was called to order by Council President <br />Buckholtz. No secretary was present so the Council President requested <br />that Finance Director Brett take notes of the meeting. W. Brett agreed. <br />Mr. Brett gave a brief overview of budget pointing out that as is often <br />the case, the budget presented to Council was essentially a worst case <br />scenario. Mr. Brett pointed out that he quite purposely estimates <br />revenues conservatively or lower than one might expect and estimates <br />expenditures conservatively or higher than one might expect. Mr. Brett <br />pointed to 2003 as an example of this philosophy. The 2003 Mayor's <br />Budget had originally called for the ending cash balance in the General <br />Fund to be in the area of $544,000. In fact, the ending cash balance for <br />the General Fund ended up being more than $900,000. Mr. Brett also <br />pointed out that part of this was due to the timing of Progressive's tax <br />payments-a situation which had occurred in 2002 as well-and that the <br />ending cash balance should have in reality been higher. Councilman <br />Marquardt questioned if the previous year had seen the same timing <br />factor, then 2003 in fact reflected an entire year's receipts. Mr. Brett <br />pointed out that the deferred payment in 2004 exceeded the deferred <br />payment in 2003. <br />? <br />Ll <br /> <br />Page 2 of 6