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160 <br /> <br />THURSDAY, MAY 23, 1996 <br /> <br />A special and duly-called meeting of the Council of the City of <br />Martinsville, Virginia, with Mayor George B. Adams, Jr. presiding, was <br />held Thursday, May 23, 1996 in the Council Chamber, City Hall, <br />beginning at 12:30 P.M. All members of Council were present: George <br />B. Adams, Jr., Mayor; L. D. Oakes, Vice-Mayor; Mark A. Crabtree; M. <br />Gene Teague; and Clyde L. Willjams. <br /> <br />The purpose of the special meeting was to review the City's proposed FY <br />96-97 budget and related matters. City Manager Earl B. Reynolds, Jr. <br />reviewed the latest proposed budget figures and the financial policies <br />adopted by Council, indicating that the proposed unexpended fund <br />balances in each of the major funds were in line with the financial <br />policies. <br /> <br />A general discussion was held regarding funds set aside for closure and <br />post-closure care of the City Landfill. It was noted that 83.5 million <br />will need to be set aside for these costs and currently $2 million has <br />been set aside. Upon motion, duly seconded and by unanimous vote, <br />Council authorized the City Manager and Director of Finance to invest <br />$500,000 for a 3-year period at the highest interest rate available <br />from a local financial institution. <br /> <br />In reviewing the School Budget, it was noted the City Manager's latest <br />proposal provided a total of $16,983,980 from the Cafeteria Fund, Meals <br />Tax Fund and School Fund. The School Division's local funding was <br />proposed to increase $646,634, or 9.8%. Upon motion, duly seconded and <br />by unanimous vote, Council established a financial policy that for <br />Fiscal Year 1995-96, any unexpended fund balance remaining in the <br />School Fund (after audit) will be reappropriated during FY 96-97 for <br /> <br /> <br />