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Mr. Price said he couldn’t for ten years down the road, he is dealing with now, <br />right now there will not be a shortfall. <br /> <br />Ms. Watson stated that we will have a deficit budget this year because we will <br />use reserves. <br /> <br />Mr. Price said if you use reserves it is not. <br /> <br />Ms. Watson said that is why she keeps referring to it as operational. She noted <br />that in the current year we have had some very large revenue items that were <br />one-time and those are not on-going, such as the T-mobile settlement. <br /> <br />Ms. Ricci note she was just trying to marry how we budget with what the actuals <br />are and saw that we budgeted for fiscal year 2010 for a slight surplus but really <br />ended up with a $2.5 million dollar deficit. She said we budgeted in the pension <br />for income several million and that turned out instead to be several hundred <br />thousand. Ms. Ricci said the pension loss is only $700,000 instead of a <br />$600,000 gain and is not really accounting for the whole $2.5 million dollar deficit <br />for fiscal year 10. <br /> <br />Ms. Watson asked if she was talking about all funds. <br /> <br />Ms. Ricci said all funds would be about $2.5 million, pulling the pension out it, <br />there would be about a $1.8 million deficit. Where is that $1.8 million dollar <br />deficit and how do we budget this year given those statistics? <br /> <br />Ms. Watson did not have fiscal year 10 information with her and could nott <br />comment on that. She said In any year there are some funds that are budgeted <br />with a deficit. She gave an example of the Library Fund in FY 10, when they <br />needed a new roof, so it was a one-time $400,000 item which was out of their <br />normal amount and it came out of their reserves. <br /> <br />Ms. Ricci said we are talking millions and a deficit presently, when in 2010 we <br />were expecting to break even and are looking at millions in a deficit. She did not <br />look to see if that roof was in our capital improvement or not but if it was she <br />asked how is that explaining a budget where we are showing a $2.5 million <br />dollar deficit and if you take the pension out, it comes down to $1.8 million. <br /> <br />Ms. Watson said for her to address the fiscal year 10 information, she would <br />need to have the questions ahead of time so she could have the information <br />needed to look at. She said the pension is an estimate. An estimated was <br />budgeted for the gains and losses in investments. She said normally on a year <br />to year basis, until we had the sudden loss in the market, the pension funds were <br />pretty stable and gained each year. Ms. Watson said since then it has been up <br />and down and we really don’t try to project pension gains. She said it is just an <br />estimate we don’t consider it a budgeted fund. It is for information only. <br /> <br />Ms. Ricci said she is not clear why we even budget it. We budgeted revenue of <br />$4.6 million and we had revenue of a minus $200,000. Even taking the pension <br />9 <br /> <br /> <br />