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183 <br /> THURSDAY, NOVEMBER 12, 199a <br />A special and duly-called meeting of the Council of the City of Martinsville, Virginia, with Mayor Mark A <br /> <br />Crabtree presiding, was held Thursday, November 12, 1998, in the Lower Level Conference Room, City Hall, <br />beginning at 10:00 A.M. The following members of Council were present: Dr. Mark A. Crabtree, Mayor; M. <br />Gene Teague~ Vice-Mayor; and Council Members Bruce H.T. Dallas, Elizabeth H. HaskeH and Terry L. <br />Roop. <br /> <br />The purpose of the meeting was a Work Session on two items: (1 .) A discussion of highlights of the Audit <br />Report for FY 97-98, provided by the auditing firm of Robinson, Farmer, Cox and Associates; (2.) A <br />discussion of the City' s Fiber Optic Sonet Ring communications initiative. <br /> <br />Council' s first item for consideration was a brief report on the latest Audit Report on the City's finances, <br />provided by the finn of Robinson, Farmer, Cox and Associates. Mr. Robert Huff made the presentation for <br />RFC, and stated that the City' s financial picture on June 30, 1998 was a sound one, and that everything that <br />has happened since that date within the current Fiscal Year needed to be compared and contrasted with those <br />numbers. Mr. Huff stated that the City should closely monitor its finances for the present and do all it can to <br />strengthen the General Fund balance. He also noted that a good fiscal policy would be to have 5% of the <br />General Fund revenue, or an amount equal to 60 days of cash receipts as a goal for a General Fund fund <br />balance. Huff noted that the School Fund fund balance was much improved at $657,582, and stated that <br />although their revenues had been lower than expected their spending had been a great deal less. Huff also <br />observed that the City finances reflected $775,168 in revenues in excess of expenditures, indicative of <br />conservative budget practices. With regard to Enterprise Funds, he noted that the Refuse Fund had done <br />extremely well in revenues and that this was made even better by the fact that all closure and post-closure <br />costs were fully booked at an mount of almost $5 million. Areas of concern expressed included a declining <br />General Fund fund balance, steady decrease in Assessed Values of property, and continued supplementalion <br />of the General Fund fund balance from Enterprise Funds. Mr. Huff stated that he was pleased to see that <br /> <br /> <br />