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Funding Option: Upon review of the various funding options, it becomes clear that the availability of using reserves without affecting our A-1 credit rating is near its end. However, with some special considerations, funding could be available from the following sources: 1) Designate 2001 Liquor Profits $ 51,300 2) Apache LGA reserves $293,800 Total $345,100 Special Considerations: At this time, the State Legislature is meeting and appears to be close to settling the State's budget crisis. For the past three to six months, we have adopted a "wait and see approach" when considering the use of reserves to fund projects. Using the Apache LGA reserves to fund the Central Park project would eliminate the availability to use these funds for budget shortfalls. Potential changes and/or cuts could occur in the general operating budget as well as capital equipment expenditures could be reduced or delayed till future years. In addition, the Apache LGA was earmarked as a potential funding source for Community Center renovations. Using the funds for Central Park, removes them as a funding source for the Community Center project. Other Considerations: The project is well underway and at this point it seems feasible that we should move ahead on the project. Keep in mind that on a positive note the bids that were rejected last fall total $2.9 Million. However, all concerned should acknowledge that the commitment to use our remaining reserves means the we will have to bond for all major capital expenditures, until such time we can build reserves back to a level that could support capital expenditures.