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and recommended that all budget adjustments and recommendations included in the Attachment before Council be approved with the exception of the $16,000 for the undergrounding phone survey. The Finance Committee wanted more information on this request. Joiner noted that the Committee had met with the City Council on November 17, 2003 and they had received additional information on this item, however, they did not vote on the appropriation. Joiner explained that the General Fund has approximately $70,000 more than the earlier budget iteration. Joiner introduced Craig Jones and Doug Norby, Finance and Investment Committee members. Craig Jones addressed Council. He explained that the Finance & Investment Committee recommend adopting this budget. The operating expenses of the Town continue to be less than the revenue of the Town and the Town continues to operate at a surplus. If you add capital expenditures to the formula, the Town operates with a slight cash flow negative. This is due to monies expended for street repairs that are necessary to make up for previous years when no work was done. Regarding the telephone survey, Jones noted that it had been discussed by the Committee and by the conclusion of the discussion, there was not a strong opinion of the Committee that it should be excluded. Doug Norby, addressed Council. He explained that the Committee had not previously approved the telephone survey requested by the Underground Subcommittee due to the lack of supporting information. He agrees that good research information that would be provided by a professional survey is necessary to make an educated decision on the potential.Undergrounding project for the Town. OPENED PUBLIC HEARING CLOSED PUBLIC HEARING Mayor Pro Tem O'Malley thanked the Finance and Investment Committee for their review of the budget. MOTION SECONDED AND CARRIED: Moved by O'Malley, seconded by Kerr and passed unanimously to adopt Resolution 90-01 amending the Operating and Capital Improvement Program Budgets for Fiscal Year 2003-2004 to reflect recommended revisions. 11.2 Consideration of Approval of the New Town Hall Budget(continued from 10-16-03) Mayor Cheng reported that this item had been discussed at the joint meeting with the City Council and the Finance and Investment Committee (F&I) on November 17, 2003. A donor wall with tiles selling for $300 and $500 will be established to solicit donations for the-new Town Hall. Council has directed the F&I Committee to investigate financing options for the project and to review similar Town's cash reserves policies to determine 12 City Council Meeting Minutes November 20,2003