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Page 17 <br /> 1 real property tax revenue compared with what we had <br /> 2 projected for the fiscal year ' 18- ' 19 that we ' re just <br /> i <br /> 3 budgeting for. So that puts like a $5 million imbalance <br /> 4 in our General Fund budget . q <br /> 5 We went to a second reading of the -- you <br /> 6 know, so then the County -- meanwhile, the County <br /> 7 Council is considering the budget that we 've submitted <br /> 8 in May, and they had first reading, then a second <br /> 9 reading. We were discussing what we considered the <br /> 10 basic options which were to, kind of, do nothing and go <br /> 11 forward with a budget that we know is not truly <br /> 12 balanced because we know we ' re going to have a <br /> 13 shortfall in real property tax revenue, or to cut <br /> 14 expenditures . We had an option that we laid out -- a <br /> 15 suggestion, which was a real property tax rate increase <br /> 16 that was, like, across-the-board that was just enough to <br /> 17 make up for that $5 million loss . It wouldn' t ) <br /> 18 actually have changed the budget at all, but it would <br /> 19 have changed the real property tax rates that are <br /> 20 determined. And the final option was passing the G. E . <br /> 21 tax surcharge at a one-quarter percent . We had earlier <br /> 22 been talking about a half percent but, at this point, we <br /> 23 went with a one-quarter percent which, while it is <br /> j <br /> 24 limited to transportation, almost $5 million -- about <br /> 25 $4 . 9 million -- of the Mass Transit Department ' s budget <br /> 4 <br /> ISLAND COURT REPORTING & TRANSCRIPTION SERVICES <br /> (808 ) 933-9800 <br />