Minutes 05/22/1980 - Laserfiche WebLink

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375-1\ THURSDAY . MAY 22, 1980 ADDENDUM Following is the prepared statement by Councilman Barry A. Greene pertaining to City Manager Noland's proposed 1980-81 City Budget: The Proposed Budget: I think Mr. Noland is correct in his statement that we should balance this year's budget by leaving at least a $400,000 surplus. If we do not heed his advice we run the risk of encountering three problems: (1) income from interest on invested money may show a dramatic drop; (2) the City may not be in a position to pay for emergency expenditures or fund a forecasting error; (3) next year we could encounter a very big shortfall -- if all other projects hold and we begin next year with $646,000 less surplus than we used to balance this year, the City could face a deficit equal to 21% of General Property Taxes. </- For these reasons, I feel we should heed Mr. Noland's advice and consider our budget unbalanced by $300,000. Page 1 Page 1 Page 3 Page 3 Page 15 Page 7 Page 17 Page 29 Suggested Budget Adjustments Diff erence State Department of Taxation estimates Martinsville's 1% of Local Sales Tax to be $1,330,000 30,000.00 Interest Rates on Investments have fallen since Mr. Yeaman forecasted 80,000 interest on investments. Suggest we drop the figure to $70,000 ( 10,000.00) State Department of Taxation estimates Martinsville's State Sales Tax for Education to be $704,000. Mr. Yeaman feels that $704,000 may be a little high. Figure is now $668,000. Suggest we raise to $698,000. 30,000.00 Health Department Refund is now estimated at $4,000. The refund has been 12% to 13% of the year's appropriation for the last four years. Suggest we raise to $8,000. 4,000.00 Assistant Director is budgeted for 6 months to work with current Finance Director is he decides to retire. Hope- fully he won't retire this year, but if he does, a 3 month learning process for the new Finance Director should be more than ample. $11,880 + 2,376 fringe benefits ~ 2 7,128.00 For above reason, cut $1,800 Clerk Salary to $900. 900.00 The City has paid $23,000 for the Computer which I under- stand will be returned to the City when the third-party lease begins. 23,000.00 I believe that the Proposed Additional Police Officer was mistakenly left out of the Budget, His proposed salary is $12,316 with a $2,054 fringe benefits. ( 14,370.00)