Agenda 11/10/1998 - Laserfiche WebLink

Home Browse Search

Enclosure #1-a 153 THURSDAY, OCTOBER 1, 1998 A special and duly-called meeting of the Council of the City of Martinsville, Virginia, with Mayor Mark A Crabtree presiding, was held Thursday, October 1, 1998, in the Lower Level Conference Room, City Hall, beginning at 10:00 A.M. The purpose of the meeting was a Work Session on three items: (1.) A discussion of highlights of the Audit Report for FY 97-98; (2.) A discussion of a proposal on Enhanced Residential Refuse Collection; (3.) A discussion of the City's Pay and Compensation Plan. In addition, Council had one Executive Session item to consider. The following members of Council were present: Dr. Mark A. Crabtree, Mayor; M. Gene Teague, Vice-Mayor; and Council Members Bruce H.T. Dallas, Elizabeth H. Haskell and Terry L. Roop. The Work Session began with a presentation of the highlights of the FY 97-98 Audit Report, provided by Wade Bartlett, Director of Finance. Mr. Bartlett stated that a line-by-line report was not yet available on the audit, but that all field work had been completed and that a draft report should be available soon, although he did not have a specific date for this. He then presented information on fund balances in the General and Enterprise Funds, stating that all funds totaled had increased over the prior fiscal year, noting increases in some specific funds and declines in others. Mr. Bartlett stated that all Enterprise Funds were generating positive cash flow, setting aside transfers to other funds and depreciation costs. He noted that with the exception of the Sewer Fund all of these funds were positive, even with depreciation factored in. With regard to the Meals Tax Fund Mr. Bartlett noted that it had risen due to the deposit of $2 million in loan funds, but that this would decrease as these funds were expended for their intended use, and that the Meals Tax Fund balance would be about $300,000 at the end of the fiscal year. He summarized by stating that he expected a total Fund Balance of $3.7 to $3.8 million to show in the final Audit Report, which would reflect an increase of about $1.1 million over the prior fiscal year. Council then engaged in discussion conceming their views on the meaning of the figures cited. Council Member Dallas asked how much money the Meals Tax had generated during the year, and was told that it would be about $883,000, and was showing a steady increase. Mr. Dallas then speculated that if Henry County was able to secure a Meals Tax it would surely