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1 <br /> Page 19 <br /> 1 <br /> 1 to make any changes to that has passed. <br /> 1 <br /> 2 And we had an opportunity -- enough members <br /> 3 of the council voted for the proposed quarter-percent <br /> 4 G.E . tax surcharge for it to move forward, go to a <br /> 5 public hearing, which was held last Monday, and then z <br /> 6 their council meeting on Tuesday included <br /> 7 consideration, like a second reading of that bill . At <br /> 8 that time, we did a lot of discussion, made some <br /> 9 presentations, and ultimately that did not pass . <br /> 10 So, we are currently back in the situation <br /> 11 where we have the budget that we put forward in May <br /> 12 that did not reflect the $5 million loss of <br /> 13 revenue . And it is our intention -- in fact, we are <br /> 14 working right now in order to get it together -- to <br /> 15 submit cuts throughout the General Fund to reduce <br /> 16 expenditures to match that $5 million loss in <br /> 17 real property tax revenue . <br /> 18 And I can tell you that because so many of <br /> 1 <br /> 19 our costs are beyond our control -- salary and wages <br /> . <br /> 20 and fringe benefits and our debt service are the vast <br /> 21 majority of our budget, so you' re left with about 25 <br /> 22 percent that we have, over the years, had the <br /> 23 departments already cutting and trimming and going, you <br /> 24 know, 3 percent less, 5 percent less; so there isn' t <br /> 4 <br /> 25 much to cut there, and we are currently in a position E <br /> 1 <br /> 1 <br /> ISLAND COURT REPORTING & TRANSCRIPTION SERVICES <br /> (808) 933-9800 <br />