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COBURG - Facing a $450,000 shortfall in its 2004-05 operating budget after a math error created a false beginning balance, the City Council essentially borrowed from Peter to pay Paul. But state officials noted in the 1997 return a beginning balance of $5,936 that was carried over from the previous year, Toole said. Preliminary results for fiscal 2006 indicate a fourth consecutive general fund operating surplus despite having budgeted the use of $3 million of beginning balance. |
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