Agenda 01/28/2003 - Laserfiche WebLink

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January 14, 2003 Enclosure # I A regular, semi-monthly meeting of the Council of the City of Martinsville, Virginia, was held on January 14, 2003, in Council Chamber of the Municipal Building, beginning at 7:30 P. M., with Mayor Gene Teague presiding. Council Members present included: M. Gene Teague, Mayor; Terry L. Roop, Vice Mayor; and Council Members Joseph R. Cobbe, Bruce H. T. Dallas, and J. Ronald Ferrill. Following the invocation by Council Member Dallas and the Pledge to the American Flag, Mayor Teague welcomed everyone to the meeting. Council Member Ferrill moved to approve the minutes of the December 10, 12, and 17, 2002, and January 8, 2003, meetings as presented; the motion was duly seconded and carried by the following vote, with all members voting: Vote 5 - 0; Yeas (5) - Cobbe, Dallas, Ferrill, Roop, Teague; Nays (0) - None. Council considered adopting revisions to the City's FY03 budget. Earl B. Reynolds, Jr., City Manager, recommended revisions in the current year's budget that will reduce expenditures in various departments under his jurisdiction by approximately $643,000 and the elimination of a $136,800 transfer from the General Fund to the Meals Tax Fund which was intended to offset the loss of state school construction funding. With proposed adjustments to the original revenue estimates, the net effect of all revisions will increase the year end fund balance by approximately $439,000. Council and Administration discussed balance goals of the fund balance. Wade Bartlett, Director of Finance, highlighted all proposed line item adjustments. He stated that some money has been paid to outside agencies. Council requested that a work session be held regarding the "Rails to Trails" project before any additional money is spent on that project. Vice Mayor Roop moved to adopt the budget revisions as presented 126