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<br /> <br /> <br />Minutes of the Regular Meeting of Council <br />Monday, March 21, 2011 <br />Page 5 <br />DEPARTMENT HEAD REPORTS: <br />SERVICE - Douglas Metzung <br />Mr. Metzung stated, there is nothing to add this evening, except I think Rich, you'd better start <br />patrolling those woods during soccer season. <br />BUILDING - John Marrelli <br />Mr. Marrelli reminded everyone that the Center School addition is going to be starting this week <br />and should run for about 9 months. <br />ENGINEERING - Tom Capuello <br />There was nothing to report. <br />LEGAL DEPARTMENT -Diane Calta <br />There was nothing to report. <br />FIRE - Chief Mohr <br />Chief Mohr reported that the State EMA/County EMA Weather Bureau has their tornado test this <br />Wednesday at 9:50. We will be participating. Our siren will go off. <br />FINANCE - Ron Wvnne <br />Mr. Wynne stated in response to some of the comments made in the open portion, the two items <br />commented were about the accelerating payment on debt as much as possible and also a Plan B <br />in the event that Progressive were to leave. They kind of go hand in hand. <br />First of all, as far as our debt goes, our debt at the end of 2010 was approximately $15,000,000. <br />Our budget -for this year for 2011, debt will be about $13,300,000 at the end of this year. We <br />have done a five-year projection that at the end of 2015 our debt will be a little bit over <br />$7,000,000. That's kind of what we laid out over the next five years. <br />In taking a look at Progressive as being such a significant piece of our revenue and how you put <br />in place a plan to replace that or handle the loss of an employer like that. It's kind of hard to do, <br />but one of the ways that you do try,'to do it is to build your reserves so that you have sufficient <br />reserves set aside so in the event you do have a significant loss like that, you have enough cash to <br />carry you for a while until you can respond to it and put a harder plan in place. It's kind of hard <br />to build your reserves up and pay your debt down quicker at the same time. It's a tough <br />balancing act to try and accomplish both at the same time in the event that we lose as large of a <br />player like Progressive.