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The third agenda item covered the mid-year budget transfers. The transfers incorporated <br />four different items: <br />1. Cell Phone Settlements from Verizon and US Cellular for $649,338 <br />2. Golf course management to incorporate the center to be on line with use of <br />specialized software. Revenue of $51,413 and expense of $128,295 <br />3. Learning Center/Driving Range. Revenue beginning in June of $17,050 and <br />expenditures of $52,172 <br />4. Miscellaneous expenditures for Council’s Professional Development, Fire <br />Department’s bay floor reinforcement, pension payment, workers’ compensation <br />overage for 07, software for new parking ticket issuance, parking meters for new <br />lot, additional cost for publicizing new policy on refuse collection. <br />The resolution amendment will result in a net surplus of $51,922. <br />The last agenda item for a projected forecast for University City through the year of 2013. <br />FY 08 projected a surplus of $ 2,336,093 <br />FY 09 projected a deficit of $ (424,354) <br />FY 10 projected a deficit of $ (1,139,464) <br />FY 11 projected a deficit of $ (2,283,895) <br />FY 12 projected a deficit of $ (3,262,960) <br />FY 13 projected a deficit of $ (3,976,279) <br />The Study Session was adjourned at 6:25 p.m. <br />Joyce Pumm, City Clerk <br /> <br />