Minutes 11/23/1976 (2) - Laserfiche WebLink

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292 TUESDAY NOVEMBER 23, 1976 cause gross margin to be about $106,000 less than expected. On the positive side, expenses other than purchased power, are projected to be $36,000 less than budgeted, and Council set aside a $100,000 safety margin to guard against a potential forecasting error and provide for emergencies and unbudgeted capital expenditures. Hopefully, if expenses continue at the present level and no emergencies arise, the Electric Department will meet its budgeted profit objectives, although it is my understanding that Electric Department expenditures will be necessary in the Brookdale Road construction. The Electric Department should show ample profit to cover the transfer to the General Fund because I have not included the 6.6% rate surcharge in my figures, which should bring in an additional $218,700 (based on the October billing) although I feel the City should strive to meet its original budgeted profit objective which did not include the surcharge. And, I also think Council should discuss priorities for the expenditure of this windfall money. Alternatives include Community Development capital expenditures, payment of operating expenses and/or addition to the Electric Department surplus. 2. The second potential problem is that Municipal and Circuit Court fines are now expected to show a shortfall of about $29,000. I have discussed this problem with City Officials and it is being investigated. Finally, this year's budget was balanced by using $289,875 Revenue Sharing Funds ($88,125 less than two years ago) and the City will actually receive $435,316.00, which will leave $145,441 to be used for non-recurring community outlays such as mini-parks, the thoroughfare street program and school buses or other projects. I suggest that Council discuss how this money is to be spent. In tentative acceptance of the Planning Commission's recommendations that Lots No. 25 and 26, fronting the north side of Gravely Street, and Lots Nos. 28 and 29, fronting the east of side of Moss Street, owned by Mr. James C. Stone and the City of Martinsville, respectively, as shown on Block Q, Section 32, of the City's Tax Map, be rezoned to "C-2 Commercial", Council called for a duly-advertised public hearing to be conducted on this proposal at Council's forthcoming December 28th meeting.