Minutes 04/14/1998 - Laserfiche WebLink

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TUESDAY, APRIl, 14, 1998 A special meeting of the Council of the City of Martinsville, Virginia, with Mayor George B. Adams, Jr. presiding, was held Tuesday, April 14, 1998, in the Circuit Court Courtroom, City Hall, beginning at 5:00 P.M. The purpose of the special meeting was to hear the City Manager's presentation of the Proposed City Budget for Fiscal Year 1998-1999. The following members of Council were present: George B. Adams, Jr., Mayor; Dr. Mark A. Crabtree, Vice-Mayor; Bruce H.T. Dallas, Elizabeth H. Haskell and M. Gene Teague. Following City Manager Reynolds' cordial welcome to all those present, Mr. Reynolds introduced Mr. Wade Bartlett, Director of Finance, who presented information on. anticipated revenues for the coming fiscal year. Following Mr. Bartlett's presentation the following questions were posed by Council: Mayor Adams asked whether Real Estate Tax Revenue Projections presented were exclusive of the value of the expansion of the Blue Ridge Nursing Facility. He was informed that they were. Vice-Mayor Crabtree asked whether the figures shown with regard to the transfer of the Prison Farm to the Sheriffs control reflected a savings of $61,096, and was told that they did. Mayor Adams noted that the City's combined water and sewer rate for residents was the lowest in the State. Council Member Haskell asked whether Mr. Bartlett' s conclusion of there being insufficient funds in the Enterprise funds for replacement of capital equipment and repairs was based on transfers from these funds to the General Fund remaining at current levels, and was told that it was. Council Member Haskell then asked Mr. Bartlett whether rebates and lowered purchase power costs in the Electric Fund were reflected in the numbers. Mr. Bartlett stated that anticipated rebates were not included, but that purchased power savings were. Mr. Reynolds noted that fiscal reserves are projected to be 15% of the General Fund, and that only 5% is found in many governments. Mrs. Haskell commented that this is very riseally conservative, and Mayor Adams agreed, stating that this was a very prudent practice, in that the city could not afford to get behind on general government expenditures, with which Mrs. Haskell agreed.