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Mayor & City Council <br />April 19, 1996 <br />Page 2 <br />the committee acknowledged the importance of economic <br />development, they did not feel 10% funds were the best source for <br />these expenditures. It was stated that a number of items need to <br />be addressed by the committee and the dollars should be made <br />available for ranking. Concern was also expressed regarding the <br />big ticket items added to the ranking process. It was felt the <br />City should have other sources of funds for those projects rather <br />than utilizing 10% funds. It was the consensus of the committee <br />to eliminate from consideration the addition to City Hall at <br />$200,000 and the $40,000 for the shelter at Spooner Park. <br />Of the items remaining, two rankings were conducted with the <br />group voting on the top three items from the list each time. <br />This resulted in the following ranking: <br />#1 Canadian Days Fireworks $4,000 <br />#2 Historical Society Items 1,240 <br />#3 Community Pride Planters 5,000 <br />#4 Pioneer Park Benches /Picnic Tables 2,500 <br />#5 Thermal Imaging System 10,000 <br />#6 Thunder Bay Backstop 2,000 <br />Total: $24,740 <br />The committee had $24,004 to allocate based on the 10% fund <br />balance as of December 31, 1995 after deducting 50% for economic <br />development purposes. Therefore, this ranking results in a <br />deficit of approximately $732. It was the consensus of the <br />committee that this deficit will likely be addressed by some <br />items coming in under budget. If that does not occur, the <br />remaining balance should be taken from future 10% proceeds. <br />JRH:kpv <br />cc: 10% Committee Members <br />Page 74 <br />