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Minutes of the Regular Meeting of Council Tuesday, January 22, 2013 Page 4 LEGAL DEPARTMENT - Diane Calta With regard to the Development Agreement on the agenda this evening for Council's consideration, Ms. Calta asked, if we could just hold that on first reading for tonight. We are in discussions with the developer who is here tonight. He can answer any questions, but some things have come up on timing that we want to further discuss and revise the Development Agreement. Council President Buckholtz asked, any questions? There were none. FIRE - Acting Chief Girbino There was nothing to report. FINANCE - Ron Wvnne Mr. Wynne reported, the year is wrapped up and we are working on the reports for the State Auditor's office who will be starting on February 4th, so I just wanted to take a few minutes to go over some of the highlights for the year so you can kind of see how things have worked out. Our cash and investments have increased by $4.3 million since last year from $8.5 million to $12.8. Our General Fund has increased by $3.3 million from $6.8 to $10.1. That was a result of our receipts exceeding budget by $2.3 million and expenses were below budget by $1 million. We increased our Sanitary Sewer Relief Fund from $462,000 to $1.3 million. Our Mayfield Innovation Zone Fund which I think most people aze not familiar with, it was created at the same time the MCIC was, the Mayfield Community Improvement Corp., the purpose being to attract and retain businesses in the Village. We increased that by $100,000 from $154,000 to $254,000. During the year, we spent $2.2 million on capital expendiiures, the main ones being the North Aintree Road Program, the Aintree Sidewalk Replacement Program. The Highland Road Sidewalk, the road by the Library, enhancements for Town Center, which was the demolition of Village Hall and the mounding across the street, renovations .to the pool bathhouse and we also put in a new playground at Wiley Park. Those items right there accounted for $1.6 of the $2.2 million in capital expenditures, so you see a majority of what we spent was going in to things that really benefit the community. We reduced our debt by $1.5 million from $13.3 to $11.8 million. If you remember, when we went to the residents to increase the tax rate back in 2010, we highlighted five areas we wanted to focus on. Those five areas were to build our reserves, to retire our debt, address infrastructure needs, enhance our Village tax base and just general operations. With the highlights I mentioned for 2012, you can see where we have really focused on those areas and have delivered as promised to our residents. Council President Buckholtz thanked Mr. Wynne. Any questions or comments? There were none.