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Minutes of the Regular Meeting of Council Tuesday, February 21, 2012 Page 26 Council President Buckholtz asked if there were any questions or comments. Mr. Wynne added, you might have noticed that when you went through the report our income tax dollars for the month of January were down by $71,000 compazed to the same month last year. We received our payments for February already so on a cumulative basis for two months our taxes are down by $500,000. That is not unexpected to me. Last year was unusua.lly high, I think as a result of some hefly corporate bonuses that were paid by businesses throughout the community. We predicted last year to be around $12,500. Our actual tax revenue came in at $14,600. A big chunk of that $2,000,000 difference came in in the first few months based upon corporate bonuses. That's why for the budget for this year, instead of budgeting $14,6001ike we did last year, I only have $13,000,000 budgeted to be conservative. So even though we are down through February $500,000 compared to last year, we are actually $400,000 ahead of where we were based upon 2010's numbers. Taking out the impact of the tax increase, we are $400,000 ahead where we were previous years. We aze just behind where we were last year. Council President Buckholtz asked, do you happen to laiow the last time those kind of corporate bonuses were paid out. Is that a regularly predicta.ble thing? Mr. Wynne replied, the month of February and March for us are our two heaviest tax collection months because of the bonuses. Last year with the records that I have accessed was the highest on record. It's not somethi.ng I expected to be repeated, taking tha.t into consideration with the budget, but I just don't want you to be surprised when you get February's finance report and you see we aze off by $500,000. It's wha.t I expected it to be. Council President Buckholtz asked if there were any questions. There were none. Roll Call: AYES: All Motion Carried NAYS: None Receipt of Financial Reports for January 2012 Acknowledged and Approved First Reading of Ordinance No. 2012-09, entitled, "An ordinance appropriating funds for current expenses and expenditures of Mayfield Village, Ohio for the period from January 1, 2012 and endi.ng December 31, 2012 and declaring an emergency." Introduced by Mayor Rinker and Council as a Whole. This Ordinance will be left on First Read. • Resolution No. 2012-03, entitled, "An emergency resolution re-establishing the.terms, conditions and compensation for the services of the Director of Law and Assistant Director of Law for Mayfield Village, Ohio." Introduced by Mayor Rinker and Council as a Whole. , Mrs. Mills, seconded by Mr. Delguyd, made a motion to adopt Resolution No. 2012-03.