As we begin to discuss the 2007 Budget, I thought it would be good to update everyone on our progress toward our goal of debt elimination. As you may recall, at the beginning of 2006, we had hoped to make extra payments to reduce the mortgage at an aggressive rate that would allow us to achieve our goal in late 2008. At times this year, we were on that pace, but after the completion of three quarters, we have dropped our pace back to the rate of 2005.
The current projection of debt elimination at this slower pace is mid-2009.
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There was a slight error in calculation on the first chart so I have replaced it. Debt elimination is mid 2009 not mid 2010 as previously stated.
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