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MINUTES <br /> <br /> Eugene City Council <br /> Work Session <br /> Sloat Room-The Atrium Building <br /> <br /> September 25, 2002 <br /> 12:45 p.m. <br /> <br />COUNCILORS PRESENT: David Kelly, Gary Pap~, Nancy Nathanson, Scott Meisner, Pat Fart, <br /> Betty Taylor, Gary Rayor, Bonny Bettman. <br /> <br />CITY COUNCIL WORK SESSION <br /> <br />The council's work session was preceded by a tour of the new library. <br />Mayor James D. Torrey called the meeting to order. <br /> <br />A.WORK SESSION: Library Financing Plan Update <br /> <br />City Manager pro tem Jim Carlson introduced the topic, noting that Sue Cutsogeorge of the <br />Central Services Department was present for the agenda item. <br /> <br />Mr. Fart left the meeting room. <br /> <br />Ms. Cutsogeorge said the current budget for the library was about $36.3 million. Part of the <br />financing plan included the issuance of bonds for the construction costs related to the fourth floor, <br />which was intended to house Finance and Information Services staffs on an interim basis. Staff <br />was now recommending that the City not incur debt to pay those costs, but to use interest <br />earnings and Urban Renewal Fund moneys instead. If the City used the cash it had on hand <br />rather than issued bonds, it would save about $100,000. Staff recommended that the library <br />budget be reduce by that amount. <br /> <br />Ms. Cutsogeorge said that the recommendation would free up money in the General Fund that <br />would have gone to pay the bonds for the library. Staff recommended that money be dedicated to <br />capital purposes by adding it to the Facilities Reserve for future downtown space planning <br />projects. <br /> <br />Ms. Cutsogeorge said that staff was also asking the council to approve a plan to cover <br />unanticipated cash flow shortfalls during the next few months. She characterized those shortfalls <br />as temporary differences between when the City had to pay money out and when it expected <br />money to come in. <br /> <br />Ms. Cutsogeorge called attention to the suggested motion before the council and indicated that <br />staff would return at the time of adoption of Supplemental Budget #1 for implementation of the <br />proposed budget actions. <br /> <br /> MINUTES--Eugene City Council September 25, 2002 Page 1 <br /> Work Session <br /> <br /> <br />