Bill:

"In my opinion, the reduced contingency is appropriate"

In my opinion, you and the B/O/D do not have the right to change the terms specified in the referendum prospectus after the fact in order to make the numbers work. 

BTW, if you had personally budgeted a 7% contingency for fuel in your business or household budget for 2006 you would have been walking in September.  A 14% contingency would have been exactly right.

Thanks.

Marty