Minutes 04/17/1986 - Laserfiche WebLink

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244 THURSDAY, APRIL 17, 1986 A special and duly-called meeting of the Council of the City of Martinsville, Vir- ginia, with Mayor William C. Cole, Jr., presiding, was held Thursday, April 17, 1986, in the Council Chamber, City Hall, beginning at 3:30 P.M., for the purpose of con- sidering and studying City Manager George W. Brown's recommended 1986-87 City Budget, as recently presented to Council. All members of Council were present, viz., William C. Cole, Jr., Mayor; Eliza H. Severt, Vice-Mayor; Alfred T. Groden; L. D. Oakes; and Clyde L. Williams. After the stating of the purpose of this meeting by Mayor Cole, City Manager Brown referred to various factors taken into consideration in developing his recommended 1986-87 budget, with particular emphasis on the amount of contingency funds he is proposing as well as his proposed 1986-87 real estate tax rate increase, i.e., from the present 76~ per one hundred dollars of assessed valuation to 90i, which increase Mr. Brown estimated will bring in an additional $473,218.00, equating this amount with the estimated increase in net local cost of operating the City School System in 1986-87. Mr. Brown's Budget Message also pointed out that his recommended budget 1. Does not add any new taxes (except for the real estate tax rate increase) nor does it reflect any changes in or add any service charges; 2. Maintains current rates for utility services, with electric service rates to continue paralleling APCo; 3. Projects a transfer of $200,000.00 from the Water Fund to the General Fund and $200,000.00 from the Sewer Fund to the General Fund (note: generally, heretofore, the Water and Sewer Funds have not contributed outrightly to the General Fund); 4. Anticipates discontinuance of Revenue Sharing funds from the Federal Government, effective October 1, 1986; 5. Reflects an increase in revenue to the City from the sale of electric energy, as a result of some consumption growth antic- ipated and, too, the likelihood of the granting by the State Corporation Commission of APCo's requested rate increase of 4.3/0;