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C mmum'ty Preservation Committee <br /> Minutes <br /> November 189 2008 <br /> COMMUNICATIONS AND CORRESPONDENCE: <br /> Financial Overview: <br /> The CPC Committee reviewed an updated overview of financials. As of <br /> November 1, 2008,the 10%Reserve Fund Balances are as follows; <br /> 10%Open Space Reserve $167,221 <br /> 10%Historical Reserve $327,256 <br /> 10% Open Space Reserve 167,221 <br /> 1t is projected the Mate will reimburse %in 2010 in matching funds. <br /> Due to budgetary constraints,the CPC Committee agreed to consider in <br /> October the deferral of the 10% Open Space Reserves. This is permissible <br /> under the CPA Act if funds needed to cover the debt service exceed 80% <br /> of the annual revenues. <br /> NEW BUSINESS: { <br /> Reorganization—Election of Officer: <br /> Motion made by Ms. Dane to approve the existing officers for an <br /> additional term. <br /> Motion seconded by Ms. Buschenfeldt. <br /> VOTE: Unanimous. <br /> NEXT SCHEDULED MEETING,: <br /> Tuesday, December 9, 2008 <br /> 6:00 p.m. <br /> Torn Hall, Conference Room#1 <br /> Adm urnrnent: <br /> Motion made by Mr. Larkin to adjourn at :30 p.m. <br /> Motion seconded by Ms. Dane. <br /> VOTE: Unanimous. <br /> Respectfully submitted, <br /> Kathleen M. Soares <br /> CPC Committee Secretary <br />