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<br />e library on the Sears site. Because the voters will be presented with <br /> conceptual designs only, options for library financing will not be included. <br /> Mr. Holmer asked why the City would not be ready to seek a decision on <br /> library financing at a March election. Mr. Gleason explained that one <br /> potential financing option being considered for library funding is a General <br /> Obligation bond (GO). Because of the nature of this source of revenue, it <br /> would not be possible to put together a financing package which includes GO <br /> bond funding until there is greater certainty on what type of structure will <br /> be built. <br /> Mr. Holmer felt that the community would be capable of dealing with the <br /> library siting and downtown redesign issues at the same time. <br /> Responding to a question from Mr. Bennett, Mr. Boles said that the downtown <br /> redesign activities are not currently on schedule. He does not believe that <br /> the committee will have enough information in time for the December 12 <br /> council action deadline to make recommendations on this issue. <br /> Ms. Bascom said that while she shares the council's conviction that the <br /> Eugene community would support a library on the Sears site, she cautioned the <br /> council to remain attentive to public input in the library presentations. <br /> Ms. Ehrman moved, seconded by Ms. Bascom, to place a ballot <br /> measure on library siting before the voters at a March <br /> election and to tentatively target a vote on the downtown <br />e redesign project for a May election. The motion passed 6:1; <br /> with councilors Ehrman, Bascom, Boles, Green, Rutan, and <br /> Bennett voting in favor; and Councilor Holmer voting opposed. <br /> II. WORK SESSION: FINANCIAL PLANNING <br /> Mr. Gleason reported that one of the council's goals for 1990 was to plan for <br /> the financial stability of the General Fund. In pursuit of this goal, the <br /> council requested a work session to discuss the financial status of the <br /> General Fund, review the most recent General Fund Six-Year Financial <br /> Forecast, discuss strategies being considered for balancing the FY92 Budget, <br /> and discuss strategies for bringing long-term stability to the General Fund. <br /> Mr. Gleason indicated that the council invited the lay members of the Budget <br /> Committee to attend this meeting and take part in the discussion. Those <br /> present included: Kappy Eaton, Don McLoud, Cheryle Hawkins, Joan Rich, Debra <br /> McMillen, Bobbie Green, and Jack Eberly. <br /> Mr. Gleason explained that a budget is a short-term, operational plan. <br /> Expenditures within the budget must always be balanced with revenues. He <br /> said that over the past ten years, the City has been operating 1.5 percent <br /> out of round within the budget. Since 1982, the City made several attempts <br /> to reduce the deficit; these have been moderately successful. <br />e MINUTES--Eugene City Council October 1, 1990 Page 2 <br />~ .~ <br />