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<br />- 2- <br /> <br />and actual growth of the Construction Fund (Financial Policy #13 attached). The growth of the fund <br />can be calculated two different ways, either on an annual basis or relative to the base year 1999. If <br />the fund's growth is calculated on an annual basis, there are insufficient funds to cover the projected <br />expenses for FY04 non-reimbursable investments If the growth of the Construction Fund is <br />calculated relative to the base year 1999 however, sufficient funds are available for all projected <br />expenses for FY04 non-reimbursable investments. The Finance Committee reviewed this <br />information at their September 22 meeting and agreed to calculate this year's available funds for <br />non-reimbursable investments relative to the 1999 base year. <br /> <br />Conclusion <br />As of the date of this memo, it appears sufficient cash will be available to fund the <br />applications shown on the attached list. <br /> <br />Flood Protection. Water Project Planning and Financing. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />