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Special Mtg Minutes <br />3-31-03 <br />Page 3 <br />$100,000.00 there. Where we take it down to almost nothing and we anticipate in doing that <br />pretty much all along. That eventually would go down to zero. Still that shows at a negative <br />impact on overall expenses versus revenue. <br />Mr. Marquardt asked, how would we drop the $4.5 million of short-term... I'm not <br />understanding it. <br />Council President Buckholtz asked, you mean pay it down? <br />Mr. Marquardt said, yes. <br />Mr. Brett said, we were at $4,750,000.00 last year. <br />Mr. Marquardt said, we still have $16,000,000.00 of obligation here as far as operations in dept. <br />Mr. Brett said, I'm not following, I'm sorry. <br />Mr. Marquardt said, if I look on page #7, take out the Capital improvements, you've got <br />$16,000,000.00 worth of operating expenses and dept service. <br />Mr. Brett said, you're taking out the dept service on revenue, but you're not taking it out on <br />expenses. <br />Mr. Marquardt said so I think it's the $4.5 million I'm off on. <br />Mr. Brett said, take out the 4.5 million, and treat that separate. With certain projects, yes, we are <br />going to be taking on debt. With S.O.M. Cnt Rd, we've known for some time we'd be taking on <br />debt. The expenditures and dept are going to be more than the revenue that we take in, with an <br />eye toward paying that out over the seventeen years that remain on the SIB. <br />Mr. Marquardt said, that's going against capital as opposed to operating. That's my concern. I <br />don't quite understand. The missing fact is that we still have a dept obligation. As we recover the <br />operating expenses of the dept obligation, there seems to be a gap in there. <br />Mr. Brett said, I'm not seeing that. I'm seeing if we have any shortfall in the non capital, or the <br />non-dept, it's being met with existing cash balances. My dept is separated out from the rest of <br />my funds. None of my funds are showing negative balances. <br />Council President Buckholtz said, so you're talking in a worse case scenario and you're talking <br />about cash balances covering.... so that we can go forward with the maximum plans, projects, <br />developments. In other words, Chagrin Commons for example, we're building things up there. <br />We're allowing monies to build things up there. <br />Mr. Brett said, the S.O.M. Cnt Rd project, we're proceeding forward with that. That's going to <br />be a huge capital expenditure which is going to be met to some degree with dept. As you go <br />through every fund, there is a summary in front that says here are the operating expenses,