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<br />42 <br /> <br />TUESDAY, JUNE 9, 1987 <br /> <br />A regular semi-monthly meeting of the Council of the City of Martinsville, Virginia, <br /> <br />with Mayor L. D. Oakes presiding, was held Tuesday, June 9, 1987, in the Council <br /> <br />Chamber, City Hall, beginning at 7:30 P.M. All members of Council were present, <br /> <br />viz., L. D. Oakes, Mayor; Clyde L. Williams, Vice-Mayor; William C. Cole, Jr.; <br /> <br />Alfred T. Groden; and Allan McClain. <br /> <br />After the invocation and Mayor Oakes' cordial welcome extended to visitors present, <br /> <br />Council approved--as recorded--the minutes of its regular meeting held May 26, 1987. <br /> <br />Pursuant to duly-published public notice, Council conducted a public hearing on a <br /> <br />proposal that the City's current real estate tax rate of 76-cents be retained for <br /> <br />the fiscal year beginningJ,uly 1, 1987, although the re-assessed value of taxable <br /> <br />real estate in the City (excluding new construction and/or improvements to proper- <br /> <br />ties during the past year) represents an increase of 5.5% over the 1986-87 valuation <br /> <br />and, consequently, the retention of the 76 cents rate for 1987-88 would represent an <br /> <br />increase of 5.6% in the "effective tax rate". No objections to this proposal were <br /> <br />received from any citizen; whereupon, Mayor Oakes declared this public hearing <br /> <br />closed. <br /> <br />Also, pursuant to duly-published public notice, Council conducted a public hearing <br /> <br />on a proposed City Budget, as modified, in the total sum of $40,637,103.00, for the <br /> <br />City's fiscal year beginning July 1, 1987, which proposed budget (as modified), as <br /> <br /> <br />pointed out by City Manager Brown, is predicated on retention of the 76-cents real <br /> <br />estate tax rate, calls for no new taxes or service charges, provides for a 4% (net) <br /> <br />"COLA" increase in salaries and wages for personnel under the jurisdiction of the <br /> <br />City Manager, and projects a General Fund surplus of some $507,000 at June 30, 1988. <br /> <br />During this hearing, in which no citizen raised any objections to the proposed bud- <br /> <br />get (as modified), City Manager Brown cited "highlights" of said proposed budget, as <br /> <br />did department heads (under the Manager's jurisdiction) of their respective budgets. <br />