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<br />-- <br /> <br />" <br /> <br />TUESDAY, MAY 5, 1987 <br /> <br />A special and dUly-called meeting of the Council of the City of Martinsville, <br /> <br /> <br />Virginia, with Mayor L. D. Oakes presiding, was held Tuesday, May 5, 1987, in the <br /> <br />Council Chamber, City Hall, beginning at 1:30 P.M., for the purpose of considering <br /> <br /> <br />further City Manager Brown's recommended 1987-88 City Budget and his subsequent <br /> <br />suggested revisions thereof or thereto. With the exception of Councilman Alfred T. <br /> <br /> <br />Groden, who was absent because of illness, all members of Council were present, <br /> <br />viz., L. D. Oakes, Mayor; Clyde L. Williams, Vice-Mayor; William C. Cole, Jr.; and <br />Allan McClain. <br /> <br />After the invocation and the stating of the purpose of this meeting, Council <br /> <br />acknowledged comments on the proposed budget by City Manager Brown and Mr. Brown's <br /> <br />SUbsequently-suggested revisions thereof, which revised budget Mr. Brown recommended <br /> <br />for adoption. Meanwhile, Mayor Oakes referred to a reduction by Appalachian Power <br /> <br />Company in its retail rates, as recently approved by the State Corporation Commis- <br /> <br />sion, and the effect thereof upon the City's Electric Fund (already anticipated in <br /> <br />the recommended budget) and to 1987-88 requests for certain new office equipment in <br /> <br />the offices of both the City Treasurer and the City Commissioner of Revenue. <br /> <br />Councilman Cole, after pointing out that the new or additional equipment requested <br /> <br />by the City Treasurer is needed to carry out Council's mandate from last year, <br /> <br />presented a prepared statement entitled, "THE BUDGET", which statement is made a <br /> <br />part of these minutes in the form of an addendum thereto. In addition, Mr. Cole <br /> <br />presented a chart which "tracked" actual fund balances with estimated fund balances <br /> <br /> <br />for the years ended June 30, 1982 through June 30, 1986, plus estimated balances for <br /> <br /> <br />the years ending June 30, 1987 and June 30, 1988 (the last two years being predi- <br /> <br /> <br />cated on City Manager Brown's suggested revisions to his initially-proposed 1987-88 <br /> <br /> <br />City Budget). This chart reflected forecast fund balance of $3,718,000.00 and <br /> <br /> <br />actual (audited) fund balance of $4,640,000.00 at June 30, 1982, both of which <br />