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HURRAY! We
are debt free! We have received both checks (2004 & 2005
payments) from Pierce County for our wetlands. We have paid
off our long term debt and line of credit. The remaining funds
will be used to pay income taxes from the sale, start a
operational reserve and capital reserve account, and pay for
present and future capital projects. We'll have more accurate
figures in mid/late February. Here's my best
estimate:
2004 payment $245,000
2005 payment
$192,000
Long term loan payoff $192,000
Line of credit
payoff $50,000
2004 employee bonuses $5,000
2004 taxes
$20,000
2005 taxes $70,000
Operational reserve account
$2,500
Capital reserve account $2,500
Additional amount
to 2005 capital fund $15,000
CD for future capital projects
$50,000
We also used some funds to cover last year's
capital and operations budgets but should still have some left
even after we fund the above projects.
Grass grows
slowly during the winter. It doesn't need to be mowed often,
but our Grounds Crew is busier than ever. Weather permitting,
Todd and crew work on irrigation and drainage projects. They
also plant or remove trees and brush. When it's too wet or icy
they work inside the maintenance shop. The crew takes apart
equipment, cleans up the parts, and puts them back together
allowing the machine to run better and last longer. They also
create parts to attach to machines to customize the machines
to better meet our needs. We're lucky to have such a skilled
crew of hard workers!
(President's Report continued on
page 3)
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