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<br />~8 <br /> <br />TUESDAY, MAY 5, 1987 <br /> <br />correspondingly increased year-by-year to estimated $8,271,000.00 and $9,521,000.00, <br /> <br />respectively, at June 30, 1988. In presenting this statement and the chart, Mr. <br /> <br />Cole urged that Council, after consideration and debate, establish by policy the <br /> <br />amount of surplus the Council ought to reserve and maintain for contingencies. <br /> <br />In response to a query from Councilman McClain, Mr. Cole indicated that he is <br /> <br />willing to accept City Manager Brown's proposed 1987-88 City Budget, as revised. <br /> <br />. . "\ <br />M~. McClain then reiterated his major concern with the City's budgetary process by <br /> <br />posing the q.uestion, "Are we, in fact, living beyond our means?" by using surplus <br /> <br />funds, in effect, for maintenance-operating expenses and/or purchase of equipment <br /> <br />rather than, as Mr. McClain favored, for the financing of one-time projects. Mr. <br /> <br />McClain also indicated concurrence with Mr. Cole's suggestion that Council examine <br /> <br />periodically (during each fiscal year) the City's financial condition with the <br /> <br />purpose in mind, when and if the financial condition is favorable, of reviewing the <br /> <br />need for and/or appropriating funds for certain expenditure requests which were or <br /> <br />are eliminated in the adopted budgets. Mayor Oakes also expressed concurrence with <br /> <br />this approach, except that he would not favor it if it were to become a regular <br /> <br />process. In lieu therof, Mayor Oakes stressed the continuing need for more <br /> <br />efficiency in all of the City's operations. And, Councilman McClain pointed out <br /> <br />that his suggested revisions to the Manager's proposed 1987-88 City Budget, as <br /> <br />presented by Mr. McClain at Council's regular meeting held April 28, 1987, were <br /> <br />directed toward eliminating additional equipment from the proposed budget....not any <br /> <br />replacement equipment requested. <br /> <br />In concluding this meeting, Council indicated that, at its forthcoming May 12th <br /> <br />regular meeting, Council will give tentative approval to the proposed-but-revised <br /> <br />1987-88 City Budget for the purpose of setting-and-advertising a public hearing <br /> <br />thereon. <br /> <br />'" <br />