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Minutes of the Regular Meeting of Council <br />Tuesday, January 19, 2016 <br />Page 16 <br />Mr. Wynne replied, yes. <br />Council President Saponaro asked, any other questions or discussion on this item? There was <br />none. <br />Roll Call: AYES: All <br />NAYS: None <br />Motion Carried <br />Expenditure Authorized <br />Motion to acknowledge receipt of financial reports for December, 2015 and to <br />approve of same as submitted. Mrs. Mills, seconded by Mr. Marrie, made a motion to acknowledge receipt of financial reports <br />for December, 2015 and to approve of same as submitted. <br />Council President Saponaro asked, any discussion? <br />Mr. Wynne stated, I would like to mention some highlights for the end of the year. First, we <br />have been contacted by our. accounting firm on our audit. The annual audit will start the week of <br />February 22nd. For our year end, our General Fund increased by $137,000 and is $11,775,000. <br />We have $1,396,000 put away for the next sewer conversion project that needs to take place in <br />the Village. We have $1,106,000 put away for the Drainage and Infrastructure Fund to deal with <br />the flooding issues that we are evaluating on Beta Drive. <br />Council President Saponaro asked, that Drainage and Infrastructure Fund is not the committee's <br />dollars that is a separate fund? The committee does not appropriate those funds? <br />Mr. Wynne replied, that's correct. <br />Mr. Jerome asked, is that an additional amount? Wasn't there money set aside from last year that <br />we did not spend for the Fund? <br />Mr. Wynne replied, the $1,106,000 is commitments. I know we have two requisitions open right <br />now for projects where we have not gotten the 10% from the residents. It is our commitrnent if <br />the residents want to have the projects done. The Community Room is fully reserved for. We had <br />the funds put away to pay for the entire project. We paid down $1,924,000 in debt. Our current <br />balance is $5,957,000. <br />Council President Saponaro stated, it bears repeating that in the last 6 years we have reduced our <br />debt. <br /> <br /> <br />Mr. Wynne stated, at the end of 2008, our debt was $17,624,000. It's $5,957,000 today so it is <br />down approximately $12,000,000.