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<br />?~ <br /> <br />WEDNESDAY, MAY 7, 1986 <br /> <br />determine how much surplus the City should reserve annually. After City Manager <br /> <br />Brown's responses thereto in which he emphasized certain fund accounting concepts, <br /> <br />and after Councilman Groden's conclusion that the City can continue to provide ser- <br /> <br />vices in 1986-87 without imposing a real estate tax rate increase followed by Vice- <br /> <br />Mayor Severt's comments and questions pertaining to surplus balances, and in keeping <br /> <br />with Councilman Oakes' suggestion, Mayor Cole appointed a committee (consisting of <br /> <br />Councilman Groden and Oakes) to develop guidelines for determining the amounts of <br /> <br />surplus balances Council should retain and/or reserve each year. <br /> <br />Pursuant to the requirements of Section 2.1-344(a)(1) of the CODE OF VIRGINIA (1950, <br /> <br />and as amended) and upon motion, duly seconded and unanimously carried by a recorded <br /> <br />vote, Council convened into an Executive Session for the purpose of considering per- <br /> <br />sonnel matters. Upon reconvening into regular session, Councilman Oakes introduced <br /> <br />a motion, seconded by Vice-Mayor Severt, that City Manager Brown present to Council <br /> <br />a balanced budget for 1986-87 in which there will be no increase in the City's real <br /> <br />estate tax rate for 1986-87 and will reflect adjustments already made by Council as <br /> <br />well as other adjustments which may have been suggested by Council. The motion <br /> <br />carried unanimously. Council suggested, too, that the revised budget be presented <br /> <br />to Council at its forthcoming regular May 13th meeting in order that Council might <br /> <br />schedule the required public hearing thereon as soon as possible. <br /> <br />Mayor Cole then declared this meeting adjourned. <br /> <br /> <br />Clerk of Council <br />