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Minutes of the Regular Meeting of Council <br />March 20, 2006 <br />Page 13 <br />Ms. Calta recommended that it be passed tonight to meet the deadline. It can be amended <br />at the April meeting or at any time if there are questions or to address any changes needed as a <br />result of further discussions. <br />Mr. Buckholtz indicated that to get it on the floor for discussion purposes, we need to <br />suspend the rule. <br />Dr. Parker, seconded by Mr. Saponaro, made a motion to suspend the rules of <br />Council requiring an Ordinance to be read on three separate occasions. <br />ROLL CALL: AYES: All <br />NAYS: None <br />Motion Carried <br />Rules Suspended <br />Mrs. Mills, seconded by Mr. Marrie, made a motion to enact Ordinance No. 2006-08. <br />Council President Buckholtz asked if there was any discussion. <br />Commenting on the budget, Mr. Marquardt stated that we should target getting this budget by <br />the end of January or first of February. We have gone down to the wire every year on this. <br />Notwithstanding the notion that the budget can be changed, it deserves more review than what we <br />give it on the last meeting before April lst every year. Item number 2 is he believes there is an <br />error on the last page where it notes that the debt last year was $10,684,000.00 which is <br />$14,500,000.00 than it was last year down to $12,000,000.00 this year roughly which is a good <br />sign but that should be noted as it does not agree with last year's budget figure. His other <br />comment is that in this budget and prior budgets we have noted our growing dependency on <br />Progressive Insurance. The only mitigation we have is diversification on Beta which he thinks in <br />light of what we are planning in the Northwest Quadrant it is no longer adequate to mitigate the <br />risk of our dependency to Progressive Insurance. We can modify our strategy to mitigate that risk <br />with some other factors. Probably the most notable thing is a plan to reduce our debt over the <br />years so that we reduce our risk as far as being able to carry any loss if Progressive should have a <br />problem. <br />Mr. Buckholtz asked if there was any other discussion or comments. There were no further <br />comments. Mr. Buckholtz suggested that we follow the law department's recommendation and <br />vote on this and take the items as they come. <br />ROLL CALL: AYES: All <br />NAYS: None <br />Motion Carried <br />Ordinance Enacted <br />