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Mr. Campbell asked if Mr. Yada knew what the status of the Resolution was before the <br />Council regarding the funding. <br />Mr. Yada stated that they accepted the Resolution that reflected Corporation Counsel's. <br />Ms. Self informed the Commission that there was one more reading coming up. <br />However, there was a problem with Brenda Ford's draft. She didn't show it to Mr. <br />Takaba prior to the Council meeting last week. Based on his conversation with Ms. Ford, <br />he said he could live with the dates however the dates she put in would shorten the fund <br />by $500,000. <br />Mr. Yada stated that when the discussion took place at the Council meeting, the <br />Administration was planning to take, as part of their fund balance actions, surplus funds <br />from last years budget and actually fund the 2% fund with 1.6 million. It was an <br />estimated amount and would reflect the amount of taxes from the date of the election or <br />the effective date of the election, to the remainder of the year. <br />Ms. Self stated that the Mayor did not have to do that because once the budget was in you <br />are not supposed to change that. However, the Mayor was willing to allow this money to <br />go in even though he really didn't have to do that. <br />Mr. Yada stated the Mayor, from his side, basically said we'll take 1.6 million, which <br />was the estimated amount that would have gone in from the election. The County would <br />put it into the fund. So regardless of what everyone's discussion was on when it's <br />effective or otherwise, the money would go in. <br />Mr. Campbell responded that his understanding was that Ms. Ford was trying to <br />maximize returns and put it in an account so it would maximize the interest; that seemed <br />to be one of her main points. <br />Mr. Yada replied that in this case, like Ms. Self stated, if you take the wording out you <br />actually shorten the fund half a million dollars. <br />Recess: 10: 07 a. m. <br />Reconvened: 10:12 a m. <br />Mr. Yada stated he didn't have that much to report. <br />Ms. Self informed that there is one more second reading at the next Council meeting. <br />Mr. Yada stated the point that it is from a money perspective; there will be another $1.6 <br />million that would go into the 2% fund, once they approve the fund balance. Mr. Yada <br />was unsure on the time table of when it would happen. <br />Ms. Self replied that they won't know anything definitely until they pass something <br />because it's been changed quite a bit. <br />0 <br />