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<br />~4 <br /> <br />TUESDAY, MAY 12, 1987 <br /> <br />and/or brokers, as proposed by Mr. J. Ronnie Minter, Commissioner of the Revenue, in <br /> <br />his letter dated March 23, 1987. <br /> <br />Council also carried forward to its forthcoming May 26th meeting, in the hope that <br /> <br />Councilman Groden can be present, further consideration of City Manager Brown's <br /> <br />recommended 1987-88 City Budget, as revised, at which meeting Council may establish <br /> <br /> <br />the date for a duly-advertised public hearing on the proposed-and-revised budget. <br /> <br /> <br />Meanwhile, City Manager Brown informed Council that the Martinsville City School <br /> <br /> <br />Board has recently revised its previously-presented projections of "School" revenue <br /> <br />for 1986-87 and "School" expenditures (i.e., appropriation requests) for 1987-88, <br /> <br />the result of which will increase General Fund surplus at June 30, 1988 by <br /> <br />$83,646.00, or from the recently-revised estimate of $403,221.00 to $486,867.00. <br /> <br />With the hope of obtaining judicial and/or legislative remedies to the problem <br /> <br />created by the Virginia General Assembly when it exempted from local taxation for <br /> <br />1983 and 1984 "Capital Not Otherwise Taxed", a classification to which, for example, <br /> <br />data-processing (computer) equipment had been assigned, Council unanimously <br /> <br />authorized its special counsel, Mr. Jack F. Hankins, Attorney at Law, to seek and <br /> <br /> <br />file for a Writ of Appeal from a recent decision of the Martinsville City Circuit <br /> <br /> <br />Court (The Honorable Frank I. Richardson, Jr., Judge), in which decision the Court <br /> <br />ruled (in the civil action initiated by Tultex Corporation against the City of <br /> <br /> <br />Martinsville) that data-processing equipment leased by Tultex--and reported by <br /> <br />Tultex as "Capital Not Otherwise Taxed" for either 1983 or 1984, or both--is not <br /> <br />taxable by the City of Martinsville for the years 1983 and 1984 and, therefore, <br /> <br />taxes paid the City by Tultex on said equipment for the years 1983 and 1984 should <br /> <br />be refunded. <br /> <br />Council unanimously adopted (and approved for Mayor Oakes' signature, on behalf of <br /> <br />the City) the following joint resolution which established the week of May 10th <br />