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<br />TUESDAY <br /> <br />APRIL 19, 1983 <br /> <br />Pursuant to its action taken in its regular meeting held Tuesday, April 12, 1983, <br /> <br />Martinsville City Council held a special meeting on Tuesday, April 19, 1983, in the <br /> <br />Council Chamber, City Hall, beginning at 3:00 P.M., for the purpose of considering City <br /> <br />Manager Edmonds' recommended 1983-84 City Budget. All members of Council were present, <br /> <br />viz., Mayor William C. Cole, Jr., presiding officer; Vice-Mayor L. D. Oakes; Henry C. <br /> <br />Reed; Eliza H. Severt; and Francis T. West. <br /> <br />- <br /> <br />After the invocation and an opening statement by Mayor Cole, City Manager Edmonds <br /> <br />offered introductory comments concerning his recommended 1983-84 City Budget, which-- <br /> <br />as pointed out in Mr. Edmonds' Budget Message or as subsequently noted--proposes, among <br /> <br />other things, as follows: <br /> <br />(1) A reduction in the current (1982-83) ad valorem tax on <br />real estate from 86i per $100.00 of assessed valuation <br />to 80i, to offset partially the effect of the most recent <br />general reassessment of taxable real estate conducted by <br />the office of the Commissioner of Revenue. To wholly <br />offset the reassessment, which increased taxable real <br />estate valuations overall (i.e., over the preceding valuation) <br />by 16%, would require a rate of 76i; or, to bring in no more <br />revenue from this source in 1983-84 than is expected to be <br />realized in 1982-83 would require a rate of 74i. City Manager <br />Edmonds further pointed out, however, that in the absence of <br />any new General Fund revenue sources, it seems imperative (to <br />adopt the recommended 80i rate) to allow the tax base to <br />expand somewhat in keeping with the reality of increased <br />property values in order that the level of General Fund <br />services be maintained; <br /> <br />(2) A transfer and contribution of $1,400,000.00 from the <br />Electric Fund to the General Fund, representing an increase <br />of $406,913.00 over the current year's transfer-contribution; <br /> <br />(3) No new taxes, no increases in other existing tax rates, and <br />no new service charges; <br /> <br />(4) <br /> <br />No cost-of-living adjustment (COLA) in salaries-wages of <br />employees but, in lieu thereof, the City assume the cost of <br />employees' contributions to the Virginia Supplemental <br />Retirement System (being 5% of each member-employee's gross <br />salary or wage) at a total cost of $266,000.00, or some <br />